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India : ONGC Videsh announces the approval of the development plan for Golfinho-Atum field in the Rovuma Area 1 Offshore Block in Mozambique

Mar 06, 2018 (Euclid Infotech Ltd via COMTEX) --

ONGC Videsh Limited (ONGC Videsh) - a wholly owned subsidiary of ONGC, the National Oil Company of India, announces that the Government of Mozambique has accorded approval for the Development Plan for Golfinho-Atum natural gas field in the Area 1 block located in the Rovuma Offshore Basin of Mozambique. The plan outlines the integrated development of the Golfinho-Atum field through an initial two train onshore liquefaction plant with a total processing capacity of 12.88 MMTPA. The approval of the Development Plan is the culmination of several years of progress on technical and commercial aspects of the development. The Golfinho-Atum Project will also supply initial volumes of approximately 100 million cubic feet of natural gas per day for domestic sales for Mozambiques industrial development which will have significant socio-economic impact.

This foundational project paves the way for significant future expansion of up to 50 MMTPA from Offshore Area 1. The Area 1 block located in the deep-water Rovuma Basin offshore Mozambique is one of the largest gas discoveries in offshore East Africa with estimated recoverable resources of approximately 75 trillion cubic feet.

ONGC Videsh holds 16% net interest in the Mozambique Rovuma Area-1 Offshore Project out of which 10% PI is held directly by ONGC Videsh and another 6% interest is held through its 60% shareholding in Beas Rovuma Energy Mozambique Limited (BREML) while the remaining 40% shares in BREML are held by Oil India Limited (OIL). Anadarko Petroleum Corporation is the Operator of the project with 26.5% PI and the other partners in the project are Mitsui (20%), ENH (15%), BPRL (10%) and PTTEP (8.5%).

With the approval of major legal and contractual framework agreements and the start of resettlement implementation activities & site preparation, the approval of the development plan is a significant milestone in the further progress of the Mozambique Rovuma Area-1 Offshore Project towards achieving FID.

********************************************************************** As of Friday, 03-02-2018 23:59, the latest Comtex SmarTrend® Alert, an automated pattern recognition system, indicated an UPTREND on 06-07-2012 for APC @ $63.86. For more informa

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