Oil India Ltd updates on 9.5 MMTPA of LNG sale and purchase agreement

Sarkaritel
By Sarkaritel March 18, 2019 05:33


Oil India Limited (OIL) announces that Mozambique LNG1 Company Pte. Ltd., the jointly owned sales entity of the joint venture partners of Mozambique Rovuma Offshore Area 1 project, incorporated at Singapore, has entered and executed into long- term LNG Sale and Purchase Agreements (SPA) with (i) Tokyo Gas Co., Ltd. (Tokyo Gas) and Centrica LNG Company Ltd., a subsidiary of Centrica plc (Centrica) through a co- purchasing agreement for sale of 2.6 million tonnes per annum (MMTPA) from the startupof production until the early 2040s; (ii) with CNOOC Gas and Power Trading & Marketing Pte.Ltd. (CNOOC) for 1.5MMTPA for a term of 13 years; (iii)with Shell International Trading Middle East Ltd. (Shell) for 2 MMTPA for a term of 13 years; (iv) with Bharat Gas Resources Ltd., a wholly owned subsidiary of Bharat Petroleum Corporation Ltd. (BPCL) for 1 MMTPA for a term of 15 years and (v)with Pertamina for 1 MMTPA for a term of 20 years.

The abovementioned latest deals build upon the previously executed deals entered into by Mozambique LNG1 Company Pte. Ltd. with (i) Electricite de France, S.A. (EDF) for 1.2 MMTPA for a term of 15 years and (ii) with Tohoku Electric Power Company Inc., Japan (Tohoku) for 0.28 MMTPA for a term of 15 years. The total long term LNG offtake deals from Mozambique Rovuma Offshore Area 1 project currently aggregates to more than 9.5 MMTPA of LNG sales.

Sarkaritel
By Sarkaritel March 18, 2019 05:33

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