Joint Venture Partners of Mozambique Rovuma Offshore Area 1 signed LNG Sale and Purchase Agreement

Energy Press Releases Tuesday February 27, 2018 17:06
Bangkok--27 Feb--PTTEP

PTT Exploration and Production Public Company Limited (PTTEP) announced Mozambique LNG1 Company Pte. Ltd., the jointly owned sales entity of PTTEP and other partners of Mozambique Rovuma Offshore Area 1 project, has entered into a long-term LNG Sale and Purchase Agreement (SPA) with Électricite de France, S.A. (EDF), an integrated electricity company headquarter in France. The off-take agreement calls for the supply of 1.2 million tonnes per annum (MTPA) for a term of 15 years.

"PTTEP endeavors to expedite the development of the Mozambique Rovuma Offshore Area 1 as one of the world's leading greenfield projects, to increase our petroleum reserves in the future," said Phongsthorn Thavisin, President for Exploration and Production of PTTEP.

The latest collaboration with EDF, one of the world's largest electric utilities, is another important milestone for the project. In addition, this SPA gives Mozambique LNG flexible access to European market which is one of our key strategic markets.

Meanwhile, the project also continue to advance additional LNG off-take agreements to support Final Investment Decision (FID), and this EDF sale is included in the portfolio of sales of more than 5 MTPA, which the joint venture partners and buyers have agreed key terms.

The Mozambique Rovuma Offshore Area 1 project is one of PTTEP's key natural gas projects as the company continues to consider investments in new potential areas with competitive cost structure. The project will be Mozambique's first onshore LNG development, initially consisting of two LNG trains with a total nameplate capacity of 12.88 MTPA to support the development of the Golfinho/Atum fields located entirely within Offshore Area 1.

About Mozambique Rovuma Offshore Area 1 Project

The Mozambique Rovuma Offshore Area 1 Project is a large gas project located in offshore Mozambique consisting of Prosperidade field, Golfinho-Atum field, Orca field, Tubarao field and Tubarao-Tigre field with substantial recoverable natural gas resources of approximately 75 trillion cubic feet (TCF) and potential to become one of the world's largest emerging LNG supply hubs.

The joint venture partners of Mozambique Rovuma Offshore Area 1 project comprise of PTTEP Mozambique Area 1 Limited, a subsidiary of PTTEP with 8.5 percent of participating interest, Anadarko Mozambique Area 1, the operator, with 26.5 percent, ENH RovumaArea Um, S.A. with 15 percent, Mitsui E&P Mozambique Area 1 Ltd. with 20 percent, ONGC Videsh Ltd. with 10 percent, BEAS Rovuma Energy Mozambique Limited with 10 percent and BPRL Ventures Mozambique B.V. with 10 percent.

About PTTEP

PTT Exploration and Production Public Company Limited (PTTEP), a subsidiary of PTT Public Company Limited, is a Thai petroleum exploration and production company dedicating itself to providing a sustainable petroleum supply to Thailand and the countries it operates in. As of December 31, 2017, PTTEP had exploration and production projects in 10 countries worldwide. The Company continues to ensure energy sustainability by implementing both a new long-term organizational strategy and a business plan that will support its aspiration to become a leading exploration and production company in Asia.


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