New Delhi, India — 06 December 2012 – The groups and companies involved in the Area 1 oil concession in Mozambique’s Rovuma basin have started the process of selling the natural gas reserves they have discovered, according to Indian newspaper the Business Standard.
Citing sources from Bharat Petro Resources Limited, a 100% subsidiary of the Bharat Petroleum Corporation, Macauhub News Agency quoted the newspaper as saying that the main potential buyers for the natural gas were Japan, South Korea, and Taiwan, as well as India.
“The operator, US group Anadarko Petroleum, has set up sales teams which will seek to sell the natural gas in those markets which can pay more for the product, at a time when the concession’s partners need to maximise revenues,” said a company official.
The official also told the newspaper that it was essential to sign long term contracts with potential buyers, which would raise enough funds to finance the project to extract and liquefy the natural gas, which is expected to begin production in 2018.
Anadarko, which is the operator of Area 1 of the Rovuma Basin, has as its partners in that block Japan’s Mitsui (20%), BPRL Ventures and Videocon (both from India and with 10% each), Thai state company PTTEP (8.5%) and Mozambique’s Empresa Nacional de Hidrocarbonetos (ENH) with 15%.
Source: Macauhub News Agency. For more information, click here.