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Flurry Of Bullish News Boosts Oil Prices

Flurry Of Bullish News Boosts Oil Prices

Oil prices reached 2019 highs…

Mozambique Starts to Fulfil its Energy Potential

It appears that Mozambique is finally getting a bit of steam under its belt as it wakes up and realises it has potential to become an energy giant.

Only after oil prices started to increase4 around 20 years ago did exploration really begin seriously in Mozambique. Then, following large discoveries by Sasol, Anadarko, and Eni during the last ten years, people started to take note and more companies began to show an interest in the area hoping for more big finds.

National Enterprise of Hydrocarbons, Anadarko, Mitsui, Bharat PetroResources, Videocon, and PTTEP all own a stake in the Area One block in Mozambique, which they claim holds as much as 100 trillion cubic feet of natural gas. Block four is controlled by Eni, Galp Energua, Kogas, ENH, and China National Petroleum Corporation, and they claim that it boasts 80 trillion cubic feet of gas

Related article: Libyan Oil Production Suffers as World Attention Shifts

The size of discoveries being made are sufficiently large enough to warrant a major LNG export project. Phase One will be ready to begin operations in 2018, and will comprise of four LNG trains with a capacity of 5 million tonnes a year. Most of this LNG will be exported to Asia where demand for natural gas is growing rapidly and pushing prices higher. Plans exist to then expand the facility in the future.

By. Joao Peixe of Oilprice.com



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