The convertible notes fully fund Sound’s capital requirements until the end of the year. Sound launched a farm-out process in August 2022.
The work would involve up to 300 new production wells, 480 km of gas transmission pipelines, three compressor stations and a new combined LNG and helium plant.
Following talks with other bodies involved in the region, Rufin said “information flows little and poorly between Mozambique LNG and other actors”.
Equinor has reported its block holds more than 20 trillion cubic feet, while Shell’s blocks have 15 tcf.
“The first well in the main field is starting up shortly. The build up to 110,000 bpd is clearly laid out and the activity set is on plan. The well rates are consistent – and slightly ahead of pre-drill estimates.”
Eni will completely replace Russian gas supplies by 2024-25, it has said.
Including delivery and feedstock prices, Golar LNG has said its FLNG technology can deliver gas into Europe or Asia at $3-5 per mmBtu.
Congolese Oil Minister Bruno Jean Richard Itoua signed a security agreement for Marine XII on March 20. The government approved a fiscal agreement on LNG production for the licence in December 2021.
As of January 1, 2024, LNG produced from the Alba field “will be sold into the global LNG market, which is expected to drive a significant financial uplift for our company given the material arbitrage between Henry Hub and global LNG pricing”.
Africa will “dominate” new floating LNG (FLNG) projects in the period to 2027, adding 10.2 million tonnes per year of capacity, according to a note from Westwood Global Energy Group.
Eskom Holdings is considering buying electricity from a Karpowership plant to be located offshore Mozambique after declining to sign agreements to procure power from facilities the Turkish company planned to moor off the South African coast.
ExxonMobil has issued a call for companies to build an onshore LNG plant in Mozambique, amid signs of new confidence in the conflict afflicted north.
Gas volumes will also grow, he said. It is currently producing 1.5 billion cubic metres per year and this will grow to 5.5 bcm “at the next development stage" Tass reported the manager as saying.
Sonatrach described the expansion project as one of its pivotal projects, which would help the company expand internationally.
The company won the work on the basis of generating emergency power. However, the contract would have seen Eskom commit to a 20-year purchase agreement. There has been widespread criticism of the way in which the government awarded the contracts.
“My sense of Mozambique’s natural gas assets is that it can play an important role for the global transition,” she said.
Phase 2 will cost $1.16 billion over the next three years, with the company aiming to reach commercial operations by 2026.
The two talked about Chevron’s plans in Egypt. These include increasing production and co-operation in exporting gas from the region to Europe.
Earlier this month, CEO and chairman Patrick Pouyanné visited Cabo Delgado and announced the appointment of a human rights rapporteur, Jean-Christophe Rufin.
Kosmos will consider its options this year. Inglis said it would be likely that the second phase would have some element of fixed contract and spot pricing. “We will not have to have sold all the gas” at final investment decision (FID), he said.
“With higher production and lower capital, free cash flow is expected to rise into 2024 providing multiple pathways for the company to deliver value for our shareholders.”
The production pipelines will run to the FPSO, a distance of around 80 km. The FPSO removes liquids – primarily water and condensate – and then exports gas to the floating LNG (FLNG) hub, around 35 km away.
Africa Oil said the block contains a number of gas-prone prospects in water depths of less than 80 metres. Crucially, it is close to existing infrastructure, including the Alba gas field and the Punta Europa LNG plant.
The company went on to say there may be opportunities in future to take emissions from other sources, such as fertiliser producers.
“We are pleased to be investing to help meet Gabon’s future energy demands, supporting the country in reducing its emissions, and delivering a project that will also create hundreds of direct and indirect employment opportunities.”