Additional LNG Sale and Purchase Agreements on Mozambique Rovuma Offshore Area 1

Energy Press Releases Wednesday February 20, 2019 10:23
Bangkok--20 Feb--PTTEP

PTT Exploration and Production Public Company Limited (PTTEP) disclosed that Mozambique LNG1 Company Pte. Ltd., the jointly owned sales entity of PTTEP and joint venture partners of Mozambique Rovuma Offshore Area 1 project, has entered into LNG Sale and Purchase Agreements (SPAs) with Pertamina, a state-owned energy company of Indonesia, which calls for 1 million tonnes per annum (MTPA) for a term of 20 years, and Bharat Gas Resources Ltd., a wholly-owned subsidiary of Bharat Petroleum Corporation Ltd. (BPCL) for 1 MTPA for a term of 15 years.

Phongsthorn Thavisin, President and Chief Executive Officer of PTTEP, said, "The two deals are another considerable success in addition to three SPAs signed earlier this month. They further reflect the potential of the project in providing a long-term reliable source of clean energy for many years to come."

These latest agreements bring the total long-term sales to approximately 9.5 MTPA, a sufficient volume of long-term SPAs, demonstrating the significant progress towards the final investment decision (FID) in the first half of this year.

Strategically located off the East Coast of Africa, the Mozambique Rovuma Offshore Area 1 project is one of PTTEP's key natural gas projects that reflects the company's strategy to consider investments in new potential areas with competitive cost structure. The project is progressing toward developing onshore LNG plant consisting of two initial 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 Mozambique Rovuma Offshore Area 1 project comprise 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 Rovuma Area Um, S.A. (15 percent), Mitsui E&P Mozambique Area 1 Ltd. (20 percent), ONGC Videsh Ltd. (10 percent), Beas Rovuma Energy Mozambique Limited (10 percent) and BPRL Ventures Mozambique B.V. (10 percent).


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