Anadarko Petroleum Corp. (APC) further upgraded its estimates Monday for gas reserves offshore Mozambique that could exceed 30 trillion cubic feet.
Anadarko Petroleum Corp. (APC) further upgraded its estimates Monday for
gas reserves offshore
Mozambique
that
could exceed 30 trillion cubic feet.
The results of the company's most recent appraisal are further proof of huge
gas deposits lying off southeast Africa, an area well positioned to serve the
world's top two liquefied natural gas markets--Japan and South Korea--as well
as other rapidly emerging gas markets like China and India.
Its Barquentine-3 appraisal well "encountered more than 662 net feet (202
meters) of natural gas pay, expanding the estimated recoverable resource range
from 15 to more than 30 trillion cubic feet,"
Houston
based
Anadarko said in a statement.
"The positive results of each appraisal well we have drilled and analyzed
have continued to increase our estimate of recoverable resources and natural
gas in place on our block, and add to our confidence that this could be one of
the most important natural gas fields discovered in the last 10 years,"
Anadarko Chairman and CEO Jim Hackett said.
Anadarko president Al Walker said resources of this size and quality are suited
for large-scale LNG development, which is being designed to comprise at least
two trains with the flexibility to expand to six.
The news came the same day that
Japan
confirmed it is in talks with
South
Korea
on possible cooperation to
obtain lower prices from LNG suppliers.
"Japan and South Korea together represent more than half of global demand
for LNG...it is natural these two countries seek cooperation" to leverage
their bargaining power, said Hirohide Hirai, the director of Japan's Ministry
of Economy, Trade and Industry's Petroleum and Natural Gas Division.
Two weeks ago, Italian oil and gas company Eni SpA (E), which has also
discovered large amounts of gas off
Mozambique
, said
it plans to invest $50 billion developing it with a view to exporting the 22.5
trillion cubic feet of gas reserves in its 70%-owned Area-4 block to Asian
markets. Korea Gas Corp. (036460.SE), or Kogas has a 10% share.
Anadarko is the operator of the 2.6-million-acre Offshore Area-1 with a 36.5%
working interest. Among the co-owners are Mitsui E&P
Mozambique
with
20%,
Mozambique
national oil company Empresa Nacional de Hidrocarbonetos with 15% and Bharat
Petroleum Corp. Ltd. (500547.BY) with 10%.
On Oct. 6, Anadarko announced it had upgraded the estimated size of the
reserves, to at least 10 trillion cubic feet.
Anadarko's final investment decision for its first LNG train offshore
Mozambique
is
expected in 2013 with initial production in 2018, UBS said in a research note
recently.
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