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Monday 09 Mar 2015 - 15:19 Makkah mean time-18-5-1436  Internet/Image Maputo (IINA) – The US Texas-based oil and gas company Anadarko Petroleum Corporation announced an increase in the estimated recoverable gas reserves in Mozambique's Offshore Area 1 to more than 75 trillion cubic feet of natural gas from previously estimates of 50 to 70 trillion cubic feet, media sources reported.
Anadarko’s first discovery was in 2010 and it is now working to develop one of the world's largest liquefied natural gas (LNG) projects to enable the gas to be shipped to markets, particularly in the Middle and Far East.
The company is working with its partners to develop the marketing wing of the project, named Mozambique LNG. So far, the project has entered into long-term, non-binding Heads of Agreements covering eight million tons of LNG per annum.
Anadarko holds a 26.5 percent stake in Area 1. The other members of the consortium are Mitsui of Japan (20 percent), ONGC Videsh of India (16 percent), Oil India (four percent), BPRL Ventures of the Netherlands (ten per cent) and PTT of Thailand (8.5 per cent). In addition, Mozambique's National Hydrocarbon Company, ENH, holds a 15 percent stake.
AB/IINA
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