Anadarko Moving Forward on Mozambique LNG Development

Date : 06/18/2019 @ 11:45PM
Source : Dow Jones News
Stock : Anadarko Petroleum Corp. (APC)
Quote : 73.38  0.41 (0.56%) @ 12:59AM

Anadarko Moving Forward on Mozambique LNG Development

Anadarko (NYSE:APC)
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   By Stephen Nakrosis 
 

Anadarko Petroleum Corp. (APC) said Tuesday its plan of development for Mozambique's first onshore LNG development is now effective, as an official declaration of Final Investment Decision has been made.

Anadarko's Area 1 development initially will consist of two LNG trains to support the development of the Golfinho/Atum fields, along with an anticipated domestic gas component for in-country consumption.

"The project expects to soon issue Notices to Proceed under the terms of the previously executed engineering, construction, procurement and installation contracts and finalize financing," Anadarko said.

TechnipFMC PLC (FTI), Oceaneering International, Inc. (OII) and Saipem S.p.A. are among the international companies that will be working on various aspects of the project, Anadarko said.

Anadarko said about 5,000 workers already are on site, involved with construction of a resettlement village, camp expansion, airstrip and Palma-Afungi Highway.

"This is a historic day for the people of Mozambique," said President Filipe Nyusi. "Today's sanctioning of the Anadarko-led Area 1 Mozambique LNG project solidifies a path toward the creation of thousands of jobs for our people, significant economic growth for our nation, and the potential to be one of the world's largest providers of cleaner energy for decades to come. It is truly one of the most important and transformational projects in our country's history."

Anadarko Chairman and Chief Executive Al Walker said, "This is an exciting day for Mozambique and for our partnership, bringing us a step closer to making Mozambique's first onshore LNG facility a reality."

 

--Write to Stephen Nakrosis at stephen.nakrosis@wsj.com

 

(END) Dow Jones Newswires

June 18, 2019 18:30 ET (22:30 GMT)

Copyright (c) 2019 Dow Jones & Company, Inc.

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