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Mitsui expecting investment decision on Mozambique LNG project

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LNG Industry,


According to the latest Reuters report, Japan's Mitsui & Co expects a final investment decision on a US Anadarko-led offshore LNG project in Mozambique in April – June 2018, four months later than expected.

The two-train 12 million tpy project is expected to start operations in 2022 – 2023, after construction of about four years.

The partners – including operator Anadarko Petroleum, Mitsui, ONGC Videsh Ltd, Bharat PetroResources Ltd, Oil India Ltd and PTT Exploration & Production Plc – are in talks with Japanese power and gas utilities, aiming to finalize binding long-term offtake agreements within a year.

The project has secured more than 8 million tpy of non-binding long-term commitments. It needs to secure binding commitments to account for about 80% of the total 12 million tpy capacity to get the necessary funding for a final investment decision.

Mitsui would consider taking part in other projects if the economics were good, including the expansion of the Cameron LNG project in the US, which should start commercial production in July 2018.

The LNG market is undergoing huge changes as the biggest ever flood of new supply is hitting the market, with volumes coming mainly from the United States and Australia.

Read the article online at: https://www.lngindustry.com/liquefaction/10042017/mitsui-expecting-investment-decision-on-mozambique-lng-project/

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