One thing that is almost universally agreed upon in the energy world is that the future for liquefied natural gas (LNG) is tremendous. LNG is natural gas that has been cooled to a liquid state, at about −260° Fahrenheit, for shipping and storage. The volume of natural gas in its liquid state is about 600 times smaller than its volume in its gaseous state.
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Anadarko Petroleum Corporation is looking for consulting services to guarantee readiness of Area 1 natural gas exploration project in Mozambique.
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Anadarko Petroleum Corporation (NYSE: APC) today announced Mozambique LNG1 Company Pte. Ltd., the jointly owned sales entity of the Mozambique Area 1 co-venturers, has signed a Sale and Purchase Agreement (SPA) with Pertamina. The SPA is for 1 million tonnes per annum (MTPA) for a term of 20 years.
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Anadarko Petroleum has posted a 74% increase in profits for 4Q18, but since then, oil prices have tumbled and may average $61/bbl in 2019, as per BNP Paribas.
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High profile arrests in early January related to Mozambique’s “hidden debts” scandal, made at the request of US prosecutors, are an unsettling reminder that the country still faces questions over its financial credibility. It is something those trying to fund LNG projects based on the massive gas reserves of the Rovuma basin could do without.
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After a number of delays, next year may see FIDs in Mozambique liquefaction projects, but security challenges are on the rise, writes Ed Reed, at Africa Oil.
Read More“The heads of agreement for LNG procurement, announced by Tokyo Gas and Centrica, is an important milestone for the Mozambique Area 1 LNG project and another sign that optimism is returning to Global LNG markets”
Read MoreCovering approximately 2.6 million acres, Offshore Area 1 is located within the Rovuma Basin, approximately 40km offshore northern Mozambique. The water depth in the area is roughly 1,600m.
Read MoreThe Mozambican Area 1 natural gas project has secured and negotiated buyers for 7.7 million tons per year from a required total of nine for the final investment decision, a project source said.
Read MoreThe Mozambican government could risk a further US$2.8 billion debt to enter Anadarko’s natural gas project. The IMF indicates that the country’s indebtedness is unsustainable.
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