You are here: Home » News-CM » Companies » News
Business Standard

Operator declares Force Majeure on Mozambique LNG project

Capital Market 

Oil India announced that due to the evolving security situation at the Palma area (North of Cabo Delgado Province, Mozambique), TOTAL (the Operator of Area 1 Mozambique LNG Project) has evacuated all the Mozambique LNG project personnel and contractors from the Project area. Subsequently, Operator has declared Force Majeure. Oil India is closely monitoring the situation.

OIL is a Sponsor in Area 1 Block, through its 40% shareholding in BREML, which holds a 10% Participating Interest in Area 1.

The remaining 60% shares in BREML are held by ONGC Videsh.

The Project is Operated by Total E&P Mozambique Area 1 Limitada, a wholly owned subsidiary of Total SE, with 26.5 percent working interest. Co-venturers include ENH Rovuma ea Um, S. A. (15 percent), Mitsui E&P Mozambique Area1 Limited (20 percent), ONGC Videsh Rovuma Limited (10 percent), Beas Rovuma Energy Mozambique Limited (10 percent), BPRL Ventures Mozambique B. V. (10 percent), and PTTEP Mozambique Area 1 Limited (8.5 percent).

Powered by Capital Market - Live News

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

Dear Reader,

Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor

First Published: Wed, April 28 2021. 17:11 IST