ONGC Videsh update on Mozambique LNG Project

ONGC Videsh - a wholly owned subsidiary of Oil & Natural Gas Corpn, announced that Rovuma Offshore Area 1 consortium (Area-1), has taken a Final Investment Decision (FID) for the two train Golfinho/Atum Mozambique LNG Project.

Mozambique LNG Project will be the first onshore LNG facility in Mozambique consisting of initial two LNG trains with a total nameplate capacity of 12.88 million tonnes per annum (MMTPA) supported by the development of the Golfinho/Atum fields located offshore entirely within Area 1. The project has successfully secured in aggregate 11.1 MMTPA of long-term LNG sales (representing 86% of the plant's nameplate capacity) with key LNG buyers in Asia and in Europe. Additionally, the project will have a significant domestic gas component for in-country consumption in Mozambique to help fuel the economic development.

The FID signifies that the Golfinho/Atum Mozambique LNG project will now advance to the construction phase.

ONGC Videsh holds 16% 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 (BREML) while the remaining 40% shares in BREML are held by Oil India (OIL). Anadarko Mocambique Area 1, Lda is the Operator of the project with 26.5% PI and the other partners are Mitsui E&P Mozambique Area1 (20%), ENH (15%), BPRL (10%) and PTTEP Mozambique Area 1 (8.5%).

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