Anadarko approves $20 billion LNG export project in Mozambique

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Anadarko approves $20 billion LNG export project in Mozambique

On Tuesday, the 18th of June 2019, Anadarko Petroleum Corp., the US energy firm engaged in hydrocarbon exploration, headquartered in the Woodlands, Texas, had given the green-light to go ahead with the construction of a $20 billion gas export and liquefaction terminal in Mozambique, which in effect would create the largest LNG project in Africa.

Adding that the Mozambique expansion was aimed at reaching European and Asian market with ease, Chief Executive of Anadarko, Al Walker said at a statement on Tuesday (June 18th), “As the world increasingly seeks cleaner forms of energy, the Anadarko-led Area 1 Mozambique LNG project is ideally located to meet growing demand, particularly in expanding Asian and European markets”.

Nonetheless, as Anadarko had already agreed to a takeover bid of Occidental Petroleum Corp., according to the merger agreement, followed by the acquisition Occidental would be selling the Mozambique LNG project to the French energy titan, Total SA.

Although Natural Gas prices had experienced a slump this year over geo-political hobbles and supply worries, approval of the Mozambique project had highlighted the industry belief that LNG demands would be soaring in a near-term outlook.

In point of fact, more and more countries around the world have been leaning towards Liquefied Natural Gas to grapple up with growing energy demand and to shrug off dirtier coal energy over environment issues.