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ONGC, partners to invest $24 billion in Mozambique gas field


  • ONGC and its partners will invest about $24 billion in producing natural gas from a giant field off Mozambique, converting it into LNG for export.
  • ONGC Videsh Ltd, the overseas investment arm of the state-run explorer, holds 16 per cent stake in Rovuma Area 1 where recoverable resources in excess of 75 trillion cubic feet have been established.
  • “The decree law essentially means that the cost of bringing the gas field to production as well as building of liquefaction (LNG) plant will be cost recoverable i.e. all investments will be recouped from sale of gas first before profits are shared with Mozambique government,” he said.
  • The project will have an ultimate capacity to produce 20 million tonnes of LNG annually and will be the world’s largest LNG export site after ExxonMobil-run Ras Laffan in Qatar.
  • Rovuma Area-1 Offshore Mozambique Block (Block Area 1) is located along the coasts of northern Mozambique and southern Tanzania in the Indian Ocean.
  • Woodlands, Texas-based energy-exploration company Anadarko is the operator of the block with 26.5 per cent stake while other partners include Mitsui (20 per cent), ENH (15 per cent) and PTTEP (8.5 per cent).
  • So far, seven gas fields have been discovered in the block.

Source: ET

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