Mozambique Oil & Gas: “Mitsui banking on Anadarko’s success despite setbacks” – Africa Intelligence

mitsui-reutersJapanese firm Mitsui, which holds a 20% stake in Mozambican block 1 operated by Anadarko, wants to make the most of the recent developments on the giant Golfinho gas field to revive its investments.

Anadarko is aiming to reach a final investment decision (FID) for the supply of two
liquefaction trains to be supplied by this field before April 2019. By then, Mitsui is planning to have its share of the investment, namely nearly $4 billion out of a total $18 billion, for the construction of the two trains.

Anadarko’s Plan of Development (PoD) for Golfinho was initially rejected when first presented in December but was since approved by the council of ministers in February this year.

Mitsui’s success however is still riding on Anadarko’s ability to round out its portfolio of buyers for the future gas output. For the moment, the American company has signed a firm purchase deal French energy giant EDF for 1.2 million tonnes but its other similar deals cover much smaller volumes. According to our information, Anadarko still needs to find buyers for at least 8.5 million tonnes per annum to reassure the banks with which it would like to raise funds for the project.source: Africa Intelligence

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