Expected to export natural gas by 2021

The first phase of the project for natural gas exploration in Area 1 in the Rovuma basin in northern Mozambique, should be completed by 2021, with an annual output of 12 million tons, said the President of Thai company PTTEP.

Somporn Vongvuthipornchai, who is also the chief executive of Exploration and Production, told the Bangkok Times newspaper that of that total 3.6 million tons of natural gas will be delivered to Thailand by the parent company of the group, PTT, the national petrochemical conglomerate.In May 2012 PTTEP acquired a stake of 8.5 percent owned by Irish company Cove Energy for US$1.92 billion in a consortium in which US group Anadarko Petroleum is the operator.Somporn Vongvuthipornchai said that the US group is currently involved in negotiating gas purchase agreements on the gas to be extracted as well as setting up the project’s financial structure.The launch of tenders for engineering design, procurement of materials and equipment as well as construction will take place soon.The CEO of PTTEP said the Area 1 project area in the future would be an important source of natural gas for Thailand, when the country has to start importing 22 million tons of gas per year compared to 4 million tons at the moment.