Operator declares force majeure on Mozambique Area 1 LNG Project

Oil India Limited (the "OIL"), the National Oil Company of India, announced that, due to the evolving security situation at the Palma area (North of Cabo Delgado Province, Mozambique), TOTAL (the Operator of Area 1 Mozambique LNG Project) has evacuated all the Mozambique LNG project personnel and contractors from the Project area. Subsequently, Operator has declared Force Majeure. Oil India Limited is closely monitoring the situation.

OIL is a Sponsor in Area 1 Block, through its 40% shareholding in BREML, which holds a 10% Participating Interest in Area 1. The remaining 60% shares in BREML are held by ONGC Videsh Limited.

The Project is Operated by Total E&P Mozambique Area 1 Limitada, a wholly owned subsidiary of Total SE, with 26.5 percent working interest. Co-venturers include ENH Rovuma Área Um, S.A. (15 percent), Mitsui E&P Mozambique Area1 Limited (20 percent), ONGC Videsh Rovuma Limited (10 percent), Beas Rovuma Energy Mozambique Limited (10 percent), BPRL Ventures Mozambique B.V. (10 percent), and PTTEP Mozambique Area 1 Limited (8.5 percent).

Shares of OIL INDIA LTD. was last trading in BSE at Rs.115.8 as compared to the previous close of Rs. 116.05. The total number of shares traded during the day was 22600 in over 337 trades.

The stock hit an intraday high of Rs. 117.5 and intraday low of 115.6. The net turnover during the day was Rs. 2625000.

Source : Equity Bulls

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