Japanese conglomerate Mitsui together with its business partners have made a final investment decision on an LNG project relating to Rovuma Offshore Area 1 Block (Area 1) in Mozambique.
Mitsui holds a 20% interest in Area 1 through Mitsui E&P Mozambique Area 1 Limited (MEPMOZ, Mitsui: 50%), which is jointly owned by Mitsui and the Japan Oil, Gas and Metals National Corporation (JOGMEC).
In 2008, MEPMOZ acquired an interest in Area 1, which is located offshore to the north of Mozambique, and through subsequent exploration and assessment activities, discovered one of the world’s biggest natural gas fields.
In addition to the abundance of the reserves, another advantage of Rovuma OffshoreArea 1 is its geographical location in terms of access to LNG markets, including the Far East, Asia, Europe, and Latin America.
The aim of this project is to contribute to the stable supply of LNG to meet global demand that is expected to continue growing.
With the development target of the Golfinho/Atum gas field, this project is an integrated upstream-midstream project that encompasses all stages from natural gas production and liquefaction to LNG shipment.
A company statement said: “The plan is to produce 12 million tons of LNG per year, starting in 2024. We plan to raise finance for the project from overseas public financial institutions and Japanese financial institutions.”
Participating Interest Holders of Area 1 Block
|Anadarko Moçambique Área 1 Limitada (operator)||26.5%|
|Mitsui E&P Mozambique Area 1 Limited||20%|
|ENH Rovuma Área Um, S.A.||15%|
|ONGC Videsh Limited||10%|
|Beas Rovuma Energy Mozambique Limited||10%|
|BPRL Ventures Mozambique B.V.||10%|
|PTTEP Mozambique Area 1 Limited||8.5%|