Oil India Limited
(OIL) has informed that the government of Mozambique, East Africa, has accorded approval for its development plan for Golfino-Atum natural field in the Area 1 Block located in the Rovuma Offshore Basin of Mozambique.
OIL, a Navratna company of the Government of India, is headquartered at Duliajan in Dibrugarh district.
Jayanta Barua, DGM (L&C), OIL, said that Area 1 Block located in the deep water Rovuma Basin offshore Mozambique is one of the largest gas discoveries in East Africa with estimated recoverable resources of approximately 75 trillion cubic feet.
OIL is a sponsor in Areas 1 Block through its 40 per cent shareholding in Beas Rovuma Energy Mozambique Limited (BREML) which has a 10 per cent participation interest in Area 1.
The remaining 60 per cent stake in BREML is ONGC Videsh Limited.
Anadarko Petroleum Corporation is the operator of the project with 26.5 per cent participating interest and the other concessionaires in the project are Mitsubishi with 20 per cent, ENH, 15 per cent, BREML 10 per cent, BRPL 10 per cent, ONGC Videsh Limited 10 per cent and PTTEP 8.5 per cent.
“The approval of the development plan is the culmination of several years of technical and commercial aspects of the development, ” Barua said.
Barua further said that with the approval of major legal and contractual framework agreements, the commencement of resettlement implementation activities, site preparation, efforts to secure long term LNG sales, off take agreement, and progressive work towards project, the approval of the development plan is a significant milestone in the further progress of the Mozambique Rovuma Area 1 Offshore Project towards achieving final investment decision.