Anadarko to splash $770 million on exploration, Mozambique LNG

Woodlands-based Anadarko on Tuesday said it would spend about $770 million this year into its liquefied natural gas (LNG) development in Mozambique and the company’s deepwater and international exploration program.

The U.S. oil and gas company expects its initial capital budget for 2017 to be between $4.5 billion to $4.7 billion, compared with $3.3 billion in 2016.

Anadarko said it plans to invest about $120 million this year into the multi-billion dollar Mozambique LNG project where it has made “good progress” on the legal and contractual framework, and recently submitted a development plan to the Government of Mozambique for the Golfinho/Atum discoveries.

Anadarko and 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 discovered reserves 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.

LNG World News Staff