India’s state-run exploration company ONGC is investing in a massive offshore Mozambique gas field with estimated reserves of more than 75 tcf, reported the India Economic Times.
The Area 1 Rovuma offshore field will require roughly $24b in investment, and ONGC currently holds a 16% stake.
Other investors include BPCL and Oil India Limited. US-based Anadarko stakes in the project are worth more than 25%, noted Bloomberg.
Headquartered in Houston Texas, Anadarko is one of the largest independent E&P companies in the world. The company has made major efforts to obtain heads of agreement for supplying LNG from the Mozambique project, and currently has about 90% of the required contracts in place.
Roughly 8m tons of LNG per year have been agreed to, and Anadarko is nearly to the point where it can feasibly construct onshore LNG conversion facilities.