Woodlands-based Anadarko, the developer of the giant Mozambique LNG project, narrowed its loss in the second quarter 2017 in comparison to the corresponding period in 2016.
The company, on Tuesday, reported a net loss of $415 million for the first quarter, compared to a net loss of $692 million for the corresponding quarter last year.
Average sales prices for oil was $47.19 per barrel in the quarter under review, up from $41.77 a year ago, Anadarko said.
Sales volumes for the quarter were 631,000 BOE/d, an approximately 12 percent increase over last year. The company reduced its full-year sales-volume guidance by 4 mmboe to a range of 231 to 235 mmboe.
Anadarko said it has made further progress on its multi-billion LNG development in Mozambique during the quarter.
The company is finalizing key elements of the legal and contractual framework and continued work to secure long-term off-take agreements and project financing for the LNG project, Anadarko said in its quarterly report.
Anadarko and its partners have discovered more than 75 Tcf of natural gas resources in the Prosperidade and Golfinho/Atum complexes in Mozambique’s Offshore Area 1, which will be used to feed an onshore LNG terminal on the Afungi peninsula in Cabo Delgado province.
The discovered reserves in Mozambique are sufficient to support two initial LNG trains, each with a capacity of 6 million tons per annum, as well as to accommodate expansions, including additional trains capable of producing about 50 million tons of LNG per year.
The Mozambique LNG project has more than 8 MMTPA of non-binding LNG offtake agreements already in place.(LNG World News Staff)