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India and Mozambique signed MoU for cooperation in Oil and Gas sector

Nov 28, 2014 18:53 IST

India and Mozambique on 28 November 2014 signed a memorandum of understanding (MoU) for cooperation in Oil and Gas sector for a period of five years. The MoU was signed during Minister of Foreign Affairs of Mozambique Oldemiro Julio Marques Baloi visit to India.

The MoU will enhance bilateral cooperation on the basis of equality and mutual benefit. It seeks cooperation in oil and gas in both upstream and downstream sectors in the areas of enhancing capacity-building, forging closer cooperation between research and training centres and intensifying technology transfer, among others.

Mozambique plans to produce 34 million tonnes of liquefied natural gas annually from its Rovuma Area 1 offshore block - where state-run ONGC Videsh Ltd, Oil India and Bharat Petroleum Corp have bought 30 percent stake.

The MoU will allow the Indian companies to participate in the LNG project of Mozambique that will facilitate access to LNG for the growing Indian gas market. It will bring natural gas to India at market-determined price.

Ten more LNG terminals are likely to be set up to produce five million tonnes of gas annually each.

Other partners of Rovuma 1 project are US-based Anadarko Petroleum Corp, Empresa Nacional de Hidrocarbonetos EP of Mozambique, Mitsui of Japan and PTT Exploration and Production of Thailand.

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Read more Current Affairs on: India , Mozambique , MoU , cooperation in Oil and Gas sector , five years

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