(LiveMint)
will not delay state-run Bharat Petroleum Corporation Ltd BPCL’s plan to bring to India the much-awaited natural gasnatural gas from its Rovuma basin in Mozambique by 2024, said company officials today.
BPCL through its upstream arm, Bharat Petro Resources Ltd (BPRL) holds 10% stake in the Rovuma Basin and plans to bring in 1 million metric tonnes per annum (mmtpa) of gas from the fields to India. “Financial closure for the project has been completed. Work is in progress. There are some disturbances on account of covid-19 but our partners have said the schedule for the first energy cargo for 2024 is still on,” said Venugopal, Director Finance, BPCL while addressing a post annual general meeting conference.
Total E&P Mozambique Area 1 Limitada, a wholly owned step-down subsidiary of Total S.A. is the Operator with 26.5% PI and the other consortium partners are Mitsui E&P Mozambique Area 1 Limited (20%), ENH Rovuma Área Um, S.A. (15%), ONGC Videsh Rovuma Limited (10%), Beas Rovuma Energy Mozambique Limited (10%) and PTTEP Mozambique Area 1 Limited (8.5%).
On 15th July, Area 1 partnership finalized senior debt financing of $14.9 Billion to advance the 2-Train LNG project. The senior debt comprises of a mix of Export Credit Agencies (ECA) Direct Loans, ECA Covered Facilities, Commercial Bank facilities, and a loan facility with one multilateral development institution.
