ONGC Videsh's Mozambique LNG Project Ends Force Majeure, Construction to Restart
ONGC Videsh's Mozambique LNG Project ends Force Majeure, allowing construction to restart due to improved security. This paves the way for early project completion.
The decision to end Force Majeure directly impacts ONGC Videsh's large-scale LNG project, allowing construction to restart after a significant delay, which is a positive development for the company's long-term assets and future production.
The lifting of Force Majeure allows the stalled 13.12 MMTPA LNG project to resume construction, indicating significant progress and potential future revenue generation for ONGC Videsh.
* ONGC Videsh Limited, a wholly-owned subsidiary of Oil and Natural Gas Corporation Limited (ONGC), holds a 16% interest in the Area 1 concession through its subsidiaries, ONGC Videsh Rovuma Limited (OVRL) and Beas Rovuma Energy Mozambique Limited (BREML). * The Mozambique LNG Project, with a capacity of 13.12 MMTPA (million metric tonnes per annum), declared Force Majeure in May 2021 due to a deteriorating security situation in the north of Cabo Delgado province. * The security situation in Cabo Delgado Province has significantly improved. * The Area 1 Mozambique LNG consortium has notified the Government of Mozambique to end the Force Majeure, which was originally declared on 11 May 2021. * The withdrawal of the Force Majeure enables construction activities to restart, paving the way for the early completion of the project.
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