PTTEP Greenlights “Mozambique Project,” Expecting an Increase of 140MMBOE in 1P
PTTEP and its partners have greenlighted the “Mozambique Area 1 Project” while expecting an increase of 140MMBOE in proved reserve (1P).
PTTEP and its partners have greenlighted the “Mozambique Area 1 Project” while expecting an increase of 140MMBOE in proved reserve (1P).
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On June 19, 2019, PTT Exploration and Production Public Company Limited (PTTEP) has announced that PTTEP Mozambique Area 1 Limited, a wholly owned subsidiary of PTTEP, with 8.5% of participating interest in Mozambique Area 1 Project and its partners has resolved the resolution of the Final Investment Decision (FID) of the project on the initial two onshore liquefaction trains.
This official declaration of FID signifies that the project will now advance to the construction phase to develop the Golfinho-Atum natural gas accumulations located in offshore Area 1 with the onshore LNG facility of the first two liquefaction trains, a total nameplate capacity of 12.88 million tons per annum (MTPA).
The Mozambique Area 1 Project will be the first onshore LNG facility in Mozambique. The project has successfully secured the long-term LNG sales of 11.1 MTPA with key LNG buyers in both Asia and Europe, representing more than 80% of the plant’s capacity.
Designated as “First Mover” by the Government of Mozambique, the Mozambique Area 1 Project will also be responsible for the construction of the support facilities to be shared with Area 4 Project which includes the Materials Offloading Facility (MOF) and the LNG Marine Terminal. This is a solid foundation for future development as the project holds substantial recoverable natural gas resources of approximately 75 trillion cubic feet (TCF) and potentially on the path to become one of the world’s largest emerging LNG supply hubs.
The sanction of Mozambique Area 1 marks another important milestone to support PTTEP’s growth through “Execute” strategy, adding near term production volumes and petroleum reserves. This project will add, to PTTEP’s portfolio, the total estimated proved reserves (1P) of approximately 140 million barrels of oil equivalent (MMBOE), according to working interest. The project is expected to deliver 1st Cargo by 2024.