Portugal based integrated energy player Galp has announced plans to go ahead with an investment decision of the LNG project in the Rovuma basin.
According Galp, until 2020, exploration and production will continue to account for approximately 70 percent of total investment.
“Half that amount will go to Brazil, with another third allocated to Mozambique, following the final investment decision of the LNG project in the Rovuma basin,” said the company
Angola and exploration and assessment operations will be bankrolling the remaining slice of the exploration and production investment.
Galp currently produces approximately 100 thousand barrels per day and expects to increase production by 50% by 2020, and already has a set of projects in its portfolio that will drive continued growth over the next decade.
Geographically, the company is open to selectively analysing opportunities that bolster its strategy, such as the recent boost, through a public tender, of its presence in the pre-salt.
In Mozambique, Galp and its partners are building a floating liquefaction and storage unit to be installed in the Coral South area, the first unit to develop the discoveries in the Rovuma basin, in anticipation of the development of the Mamba project.
Galp officials believe that the size and competitiveness of the project will allow Mozambique to become a major producer of LNG energy, whose demand continue to grow significantly over the next decade.
“The project is expected to effect real change in the country,” said Galp in a statement.