{"id":2804,"date":"2015-04-14T08:51:03","date_gmt":"2015-04-14T08:51:03","guid":{"rendered":"http:\/\/www.oilnewskenya.com\/?p=2804"},"modified":"2015-05-18T18:47:26","modified_gmt":"2015-05-18T18:47:26","slug":"ongc-videsh-rovuma-area-1-block-partners-invest-6b-mozambique","status":"publish","type":"post","link":"https:\/\/www.oilnewskenya.com\/index.php\/ongc-videsh-rovuma-area-1-block-partners-invest-6b-mozambique\/","title":{"rendered":"ONGC Videsh and Rovuma Area-1 block partners to invest $6B in Mozambique"},"content":{"rendered":"

India\u2019s oil minister Dharmendra Pradhan on return from a trip to Mozambique has announced that Oil India Ltd (OIL), its overseas subsidiary of Oil and Natural Gas Corp (ONGC) and Bharat Petroleum Corp Ltd (BCPL) will invest $6 billion to develop their Mozambique acreage over the next 48 months.<\/p>\n

The block that has recoverable gas reserves of up to 75Tcf has already seen a similar investment from the three companies altogether which hold 30 percent interest in Rovuma Area-1 after acquiring Videocon’s \u00a010% stake as well as another 10% from Anadako the block operator for a total of $5.115 billion.<\/p>\n

It is estimated that the block will need an investment of $18.4 billion before the first set of LNG production and deliveries in liquefied natural gas can be received by consumers with ONGC Videsh Ltd\u00a0(OVL) share being $2.944 billion.<\/p>\n

\"Area-1\"<\/a><\/p>\n

Area-1 which is estimated to produce 20 million tonnes of LNG annually s expected to see its first delivery in late 2018 or early 2019 and will be the second largest export site after the Ras Laffan in Qatar operated by Exxon-Mobil.<\/p>\n

\u201cI had a very successful tour to Mozambique… we are getting full cooperation from the Mozambique government for early development and monetisation of Rovuma Area 1,\u201d Pradhan is quoted by the Live Mint<\/a>.<\/p>\n

The minister also revealed that the block partners are in talks with India\u2019s state gas utility GAIL to help it sell the LNG with the option of the Indian market being an option.<\/p>\n

Anadarko is the operator of block 1 with 26.5% stake while other partners include Mitsui with 20% stake, ENH (15%) and PTTEP (8.5%).<\/p>\n","protected":false},"excerpt":{"rendered":"

India\u2019s oil minister Dharmendra Pradhan on return from a trip to Mozambique has announced that Oil India Ltd (OIL), its overseas subsidiary of Oil and Natural Gas Corp (ONGC) and … Read More<\/a><\/p>\n","protected":false},"author":24,"featured_media":2806,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_feature_clip_id":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2},"jetpack_post_was_ever_published":false},"categories":[10],"tags":[147,182,3091,3090,594,1428,1603,1636,1827,1853,1870,1911,2096,2190,2191,2673],"class_list":["post-2804","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-profile","tag-anadarko","tag-area-1","tag-bcpl","tag-bharat-petroleum-corp-ltd","tag-dharmendra-pradhan","tag-lng","tag-mitsui","tag-mozambique","tag-oil","tag-oil-and-natural-gas-corp","tag-oil-india-ltd","tag-ongc","tag-pttep","tag-rovuma-area-1","tag-rovuma-basin","tag-videocon","entry"],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2015\/04\/Mozambique-Map.jpg?fit=470%2C470&ssl=1","jetpack_shortlink":"https:\/\/wp.me\/p5JWkQ-Je","jetpack-related-posts":[{"id":2826,"url":"https:\/\/www.oilnewskenya.com\/index.php\/exxon-mobil-qatar-petroleum-eye-anadarkos-mozambique-assets\/","url_meta":{"origin":2804,"position":0},"title":"Exxon Mobil and Qatar Petroleum eye Anadarko\u2019s Mozambique Assets","author":"","date":"April 20, 2015","format":false,"excerpt":"Rumors are rife that Exxon Mobil and Qatar Petroleum are eyeing Anadarko\u2019s Mozambique\u00a0 assets in what is set to become another big acquisition after the major acquisition following that by Shell last \u00a0week buying BG Group for $70 billion. Anadarko\u2019s 25% stake on Mozambique\u2019s offshore Area 1 license in the\u2026","rel":"","context":"In "Top News"","block_context":{"text":"Top News","link":"https:\/\/www.oilnewskenya.com\/index.php\/category\/top-news\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2015\/04\/Area-1.png?fit=388%2C528&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":2158,"url":"https:\/\/www.oilnewskenya.com\/index.php\/india-and-mozambique-government-mou-to-enhance-cooperation-in-oil-and-gas-field\/","url_meta":{"origin":2804,"position":1},"title":"India and Mozambique Government MoU to Enhance Cooperation in Oil and Gas field","author":"Samuel Kamau Mbote","date":"December 11, 2014","format":false,"excerpt":"Indian minister of State for Petroleum & Natural Gas Dharmendra Pradhan and Mozambique Minister of Foreign Affairs and Cooperation Mr. Oldemiro Julio Marques Baloi recently signed a memorandum on cooperation in the field of Oil and Gas in a ceremony at the ONGC registered office at New Delhi. The MoU\u2026","rel":"","context":"In "Top News"","block_context":{"text":"Top News","link":"https:\/\/www.oilnewskenya.com\/index.php\/category\/top-news\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2014\/12\/india-mozambique.png?fit=604%2C421&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2014\/12\/india-mozambique.png?fit=604%2C421&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2014\/12\/india-mozambique.png?fit=604%2C421&ssl=1&resize=525%2C300 1.5x"},"classes":[]},{"id":7604,"url":"https:\/\/www.oilnewskenya.com\/index.php\/mozambique-rovuma-offshore-area-1-jv-partners-seal-more-lng-sale-and-purchase-agreements\/","url_meta":{"origin":2804,"position":2},"title":"Mozambique Rovuma Offshore Area 1 JV Partners Seal More LNG Sale and Purchase Agreements","author":"","date":"February 28, 2019","format":false,"excerpt":"ONGC Videsh, a wholly owned subsidiary of ONGC, the National Oil Company of India, has announced that\u00a0Mozambique LNG1 Company, the jointly owned marketing entity of\u00a0ONGC Videsh\u00a0and joint venture partners of\u00a0Mozambique Rovuma Offshore Area 1 project\u00a0incorporated at Singapore, has entered into a long-term\u00a0LNG Sale and Purchase Agreement (SPA)\u00a0with a)\u00a0Tokyo Gas\u00a0and\u00a0Centrica LNG\u2026","rel":"","context":"In "Top News"","block_context":{"text":"Top News","link":"https:\/\/www.oilnewskenya.com\/index.php\/category\/top-news\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2019\/02\/Area-1-LNG-Facility-Site.jpg?fit=362%2C416&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":846,"url":"https:\/\/www.oilnewskenya.com\/index.php\/ovl-may-raise-usd-500-700-m-to-fund-mozambique-acquisition-read-more-at-httpwww-moneycontrol-comnewsbusinessovl-may-raise-usd-500-700-m-to-fund-mozambique-acquisition_1065051-htmlutm_sourcer\/","url_meta":{"origin":2804,"position":3},"title":"OVL may raise USD 500-700 m to fund Mozambique acquisition","author":"Samuel Kamau Mbote","date":"April 6, 2014","format":false,"excerpt":"Story by Moneycontrol.com ONGC Videsh Ltd plans to raise USD 500-700 million loan by pledging future crude oil production from its overseas assets, to fund the acquisition of a Mozambique gas field. OVL, the overseas arm of the state explorer\u00a0 Oil and Natural Gas Corp (ONGC), teamed up with\u00a0 Oil\u2026","rel":"","context":"In "News by others"","block_context":{"text":"News by others","link":"https:\/\/www.oilnewskenya.com\/index.php\/category\/news-by-others\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2014\/04\/ongc-videsh_2.jpg?fit=406%2C319&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":6542,"url":"https:\/\/www.oilnewskenya.com\/index.php\/anadarko-spend-150-million-mozambiques-lng-park-2018\/","url_meta":{"origin":2804,"position":4},"title":"Anadarko to Spend $150 Million in Mozambique LNG Park in 2018","author":"","date":"November 19, 2017","format":false,"excerpt":"Area 1 operator Anadarko has said it expects to invest approximately $150 million during 2018 primarily to fund its portion of the costs associated with preparing the site of the future LNG park as the company advances the Mozambique LNG project. 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The conference has the objective to foster bilateral trade relations\u2026","rel":"","context":"In "Events"","block_context":{"text":"Events","link":"https:\/\/www.oilnewskenya.com\/index.php\/category\/events\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2016\/01\/India-Africa-Hydrocarbons-Conference.jpg?fit=960%2C543&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2016\/01\/India-Africa-Hydrocarbons-Conference.jpg?fit=960%2C543&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2016\/01\/India-Africa-Hydrocarbons-Conference.jpg?fit=960%2C543&ssl=1&resize=525%2C300 1.5x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2016\/01\/India-Africa-Hydrocarbons-Conference.jpg?fit=960%2C543&ssl=1&resize=700%2C400 2x"},"classes":[]}],"jetpack_sharing_enabled":true,"jetpack_likes_enabled":true,"_links":{"self":[{"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/posts\/2804","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/users\/24"}],"replies":[{"embeddable":true,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/comments?post=2804"}],"version-history":[{"count":1,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/posts\/2804\/revisions"}],"predecessor-version":[{"id":2807,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/posts\/2804\/revisions\/2807"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/media\/2806"}],"wp:attachment":[{"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/media?parent=2804"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/categories?post=2804"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/tags?post=2804"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}