[2019-02-27] Anadarko Petroleum Group announces investment of US$176 million in Mozambique the first half of 2019

Source: Macauhub

US group Anadarko Petroleum intends to invest about US$176 million in the Rovuma basin’s natural gas exploration project in northern Mozambique in the first half of this year and before the project’s partners make a final investment decision, according to the annual report on 2018.

The document said that figure is the group’s share of costs related to site preparation for construction of an onshore plant.

The report also said that deadlines are being met for the oil company to decide in the first half of the year whether it will definitively move ahead with the project, and investors have been warned to expect, “an adjustment of capital investment forecasts if the project is approved.”

Mozambique LNG1 Company Pte. Ltd., the Rovuma Area 1 Area sales partner, in 2018 signed agreements for the sale of 7.5 million tonnes of liquefied natural gas per year, as well as an agreement of 2 million tonnes per year signed recently, leaving the group with all the information it needs to make a final investment decision.

The Mozambican government “approved the Development Plan for the two initial processing units operated by Anadarko in the Golfinho/Atum project,” known as Area 1, noting that, “the contracts for the selection of contractors for construction of onshore and offshore plants are being finalised,” in time for the final investment decision by June 2019.

The final investment decision in Area 1, through a public announcement, will confirm all investment in infrastructure (roads, buildings, aerodrome, among others) already in progress for over a year in the Afungi peninsula, district of Palma, in the province of Cabo Delgado, northern Mozambique.