Petroleum Africa
Find us on: 
Monday, December 1, 2014
ONGC is planning to invest an additional $3 billion in Mozambique according to the Economic Times. ONGC Videsh, the state-run oil firm’s overseas unit, and Oil India Ltd. have already spent $5 billion for a 20% stake in the country’s Offshore Area 1 where significant reserves of natural gas have been discovered.
ONGC Videsh and OIL will spend at least another $3 billion on developing the discovered gas fields and converting it into LNG.
Though the required law and investment agreements are in place for the Production Sharing Contract (PSC) for the upstream component, the special regimes required for midstream and downstream investment (pipelines and LNG plants) are yet to be finalized, sources privy to the development said.
India’s oil minister, Dharmendra Pradhan met with the East African nation’s foreign minister, Oldemiro Julio Marques Baloi while he was on a visit to India and pressed him for the passing of special regimes for midstream and downstream investment. The law is just waiting for parliamentary approval.
An official statement said Pradhan and Baloi discussed various areas of mutual cooperation in the energy sector and an MoU was signed for cooperation between the two countries in the oil and gas industry.
“The objective of the MoU is to enhance bilateral cooperation on the basis of equality and mutual benefit,” the statement said.
" alt="Sintana to Expand Asset Base in Namibia with Acquisition">
" alt="Luanda Gives Afentra Nod for Azule Acquisition">
" alt="TotalEnergies Increases Stake in ROC’s Giant Moho Field and Sells Mature Assets">
" alt="Africa’s $824 Billion Debt Burden and Opaque Resource-Backed Loans Hinder its Potential">
" alt="African Refiners Ponder Threats to Energy Security for Africa as Transition Takes Center Stage">
" alt="Invictus Inks Gas Sales MOU to Deliver Power to Eureka Gold Mine">
" alt="Globeleq Acquires the 25 MWp Winnergy Solar PV Plant in Egypt">
" alt="Sintana Completes Well Testing at Mopane 1-X in Namibia">
