Mozambique’s council of ministers approved the development plan for Anadarko Petroleum Corporation’s liquefied natural gas (LNG) project in the north of the nation, an investment estimated at about $20bn. The government announced the decision in a statement on Tuesday. The next major requirement the Anadarko-led consortium has to meet before reaching a final investment decision on the Area 1 project is to sign enough sales and purchase agreements, according to the company. Anadarko and its partners have agreed the price and volumes for 5.1-million tonnes of gas production a year, out of the 8.5-million tonnes required to reach financial close, the company said in a statement on Tuesday. During the last quarter of 2017, it signed an agreement with Tohoku Electric Power of Japan to sell it gas. Anadarko said it’s already started resettling communities from the land where it plans to build its LNG plant. ExxonMobil and Eni are developing another gas project near Anadarko’s. The develop...

BL Premium

This article is reserved for our subscribers.

A subscription helps you enjoy the best of our business content every day along with benefits such as exclusive Financial Times articles, Morningstar financial data, and digital access to the Sunday Times and Times Select.

Already subscribed? Simply sign in below.



Questions or problems? Email helpdesk@businesslive.co.za or call 0860 52 52 00.