Mozambique Approves Plans for Joint-Venture LNG project
May 14 2019 - 11:41AM
Dow Jones News
By Patrick Costello
The government of Mozambique has given the go ahead to a
liquefied natural gas project by a joint venture between Eni SpA
(ENI.MI), Exxon Mobil Corp. (XOM) and China National Petroleum
Corp, Eni said Tuesday, paving the way for a final investment
decision from the venture later this year.
It's the third plan for the development of natural gas reserves
in the Rovuma Basin in Mozambique to receive approval in the past
five years, Eni said.
The joint venture, known as the Mozambique Rovuma Venture, aims
to produce, liquefy and market natural gas from three reservoirs of
the Mamba complex in the basin's Area 4 concession with the Rovuma
LNG project.
Sales and purchasing agreements for 100% of the LNG produced by
two liquefaction and purification facilities have also been
submitted to the government of Mozambique for approval, the Italian
energy company said. The LNG facilities, known as trains, will
produce more than 15 million tons of LNG per year, it added.
Eni will lead the construction and operation of upstream
facilities, with ExxonMobil leading construction and operation of
natural gas liquefaction, Eni said.
Galp Energia SGPS S/A (GALP.LB), Korea Gas Corp. (036460.SE) and
Mozambique's national oil company Empresa Nacional de
Hidrocarbonetos also each hold a 10% minority stakes in the
concession, Eni said.
Write to Patrick Costello at patrick.costello@dowjones.com.
(END) Dow Jones Newswires
May 14, 2019 11:26 ET (15:26 GMT)
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