Anadarko Petroleum Corporation (APC)

[eFinanceMarkets]

$APC Anadarko moves closer to Mozambique LNG project

Anadarko Petroleum (APC -3.7%) says it has finalized two agreements with Mozambique's government for the design, construction and operation of marine facilities for its liquefied natural gas project in the northern part of the country.

APC says it is a key milestone toward a final investment decision on developing Mozambique's first onshore LNG plant, consisting of two initial LNG trains with a total capacity of 12M metric tons/year to support the Golfinho/Atum field in Offshore Area 1, where APC and its partners have discovered 75T cf of recoverable natural gas resources.

APC cites progress in efforts to secure long-term LNG sales and purchase agreements, and says it will intensify work to secure the necessary financing for the project.