Posted - November 29, 2013 - Hellenic Shipping News Worldwide - Source: Bloomberg
Eni SpA (ENI) sees Mozambique, its planned base for African output,
struggling to meet a 2018 deadline to build plants allowing the country
to ship liquefied natural gas.
“We’re working hard to reach” a final investment decision “as soon as we
can,” Luca Bertelli, executive vice president of exploration at the
Rome-based company, said in an interview. Completion by 2018 is “very
challenging,” he said. “There’s no infrastructure, no logistics so it
will take a bit of time.”
Eni plans to spend $28 billion on African development over four years
with average annual growth in output of 3.2 percent, Bertelli said in a
Cape Town presentation. The company plans to invest $3.5 billion in
exploration in the period, drilling 140 wells, and achieve a
new-resource unit cost of $1.2 a barrel.
Eni has found 75 trillion cubic feet of gas in the offshore fields of
its Area 4, more than the current reserves of Norway. Mozambique plans
to build four LNG units with total capacity of 20 million metric tons a
year by 2018, making it the largest LNG export site after Ras Laffan in
Qatar. It may cost $20 billion.
“Mozambique will be the base for production in the next decades,”
Bertelli said. “I was part of Angola LNG but there they start with some
logistics in place to build the plant.”
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