Anadarko shrinks loss in Q1

Woodlands-based Anadarko, the developer of the giant Mozambique LNG project, narrowed its loss in the first quarter than a year ago, boosted by higher oil prices.

Anadarko on Tuesday reported a net loss attributable to common stockholders of $318 million, or $0.58 per share, as compared to $1.03 billion, or $2.03 per share, a year earlier.

Average sales prices for oil was $50.34 per barrel in the quarter under review, up from $29.65 a year ago, Anadarko said.

Total oil and gas sales volumes averaged 795,000 barrels of oil equivalent per day (boe/d), as compared with 827,000 boe/d a year ago.

Mozambique LNG

Anadarko said its multi-billion LNG development in Mozambique has moved forward during the quarter.

Anadarko and its partners have discovered more than 75 Tcf of natural gas resources in the Prosperidade and Golfinho/Atum complexes in Mozambique’s Offshore Area 1, which will be used to feed an onshore LNG terminal on the Afungi peninsula in Cabo Delgado province.

The company “made progress toward finalizing major components of the legal and contractual framework for the LNG project in Mozambique, which will support investment, beginning with the resettlement project, and also position the company to secure long-term LNG offtake contracts,” Anadarko said in the quarterly report.

The discovered reserves in Mozamique are sufficient to support two initial LNG trains, each with capacity of 6 million tonnes per annum, as well as to accommodate expansions, including additional trains capable of producing about 50 million tonnes of LNG per year, according to Anadarko.

The Mozambique LNG project has more than 8 MMTPA of non-binding LNG offtake agreements already in place.

LNG World News Staff