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2019-02-06 10:30:00

MOZAMBIQUE LNG FOR CHINA

MOZAMBIQUE LNG FOR CHINA

PLATTS - US-based Anadarko Petroleum has agreed to sell 1.5 million mt/year of LNG from its planned 12.9 million mt/year Mozambique LNG project to China's CNOOC for a period of 13 years.

The sale and purchase agreement represents a major endorsement of the Mozambique LNG project, whose final investment decision is expected in the first half of this year.

"This agreement adds to our growing list of customers in the Asia-Pacific region, demonstrating the excellent progress we are making toward our stated goal of taking a final investment decision during the first half of this year," Anadarko vice president Mitch Ingram said in a statement.

Ingram added that Anadarko expected to announce further sales agreements "in the near future."

Other future offtakers from Mozambique LNG include a joint agreement with the UK's Centrica and Japan's Tokyo Gas, as well as an offtake deal with France's EDF.

Ingram said the deal gave CNOOC -- China's largest LNG importer -- access to Mozambique LNG's gas resources and would provide China with a "clean source of energy" for years to come.

"Mozambique LNG is pleased to have CNOOC on board as one of our foundation customers," Ingram said.

CONTRACT FLEXIBILITY

Speaking earlier this week in Vienna at the European Gas Conference, Andrew Seck, Anadarko vice president for marketing and shipping, said it offered destination-free sales agreements, which would enable buyers to deliver cargoes to the market of their choice.

"That is optionality that didn't exist in the past in long-term agreements," Seck said.

Traditional long-term agreements were for supplies to specific destinations, but with the advent of US LNG supplies the contract model has begun shifting toward more flexible delivery options.

In June last year, Anadarko agreed a delivered ex-ship (DES) co-purchasing deal with Japan's Tokyo Gas and the UK's Centrica for the supply of 2.6 million mt/year from the project.

Mozambique LNG is a planned two-train 12.9 million mt/year project. Seck said the estimated cost of the project was $600/mt "which allows us to be competitive in the market place."

It compares with the estimated $1,000/mt cost of the recently approved LNG Canada project.

 

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Earlier: 

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CHINA'S GAS CONSUMPTION UP 18%

PLATTS - China consumed 280.30 billion cubic meters of natural gas in 2018, up 18.1% year on year, the National Development and Reform Commission said on its website late Thursday. 

 
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REUTERS - The Mozambican government said on Monday it had signed oil exploration agreements with U.S. energy firm Exxon Mobil and Russia’s Rosneft.

 
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2018, August, 6, 13:00:00

MOZAMBIQUE'S GDP UP TO 3.75%

IMF - The Mozambican economy is recovering gradually. Real GDP growth reached 3¾ percent in 2017—¾ percentage point higher than projected by Fund staff in the last Article IV consultation—supported by a stronger-than-expected recovery in agriculture and significantly higher mining production.

 
 MOZAMBIQUE'S LNG DEVELOPMENT
2018, June, 29, 10:35:00

MOZAMBIQUE'S LNG DEVELOPMENT

FT - Anadarko has estimated the reserves in its Area 1 acreage off the coast of Mozambique at about 75tn cubic feet, implying a resource life of about 120 years at the initial production rate of 12.88m tonnes of LNG per year, but the consortium intends to expand the plant every five years to add more capacity.

 

Tags: MOZAMBIQUE, LNG, CHINA, ANADARCO, CNOOC
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