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Oil India (OIL) on Wednesday announced that the Rovuma Offshore Area-1 project, Mozambique’s first onshore LNG development, has satisfied all the conditions precedent for the first debt drawdown of the project financing.
“The senior debt financing of $14.9 billion comprises export credit agencies (ECAs), direct loans, ECA covered facilities, commercial bank facilities, and a loan facility with the African Development Bank,” the firm said in a statement. The first drawdown from project financing is expected in April 2021, it added.
OIL is a sponsor in the Area-1 block through its 40 per cent shareholding in Beas Rovuma Energy Mozambique (BREML), which holds a 10 per cent participating interest in Area-1. The remaining 60 per cent shares in BREML are held by ONGC Videsh .
The Area-1 project will initially consist of two LNG trains with a total nameplate capacity of 13.12 million tonnes per annum, for which the Final Investment Decision (FID) at consortium level was announced on June 18, 2019. The project is operated by Total E&P Mozambique Area-1 Limitada, a wholly-owned subsidiary of French oil and gas major Total SE, with a 26.5 per cent working interest.
Co-venturers include ENH Rovuma Área Um, S.A. (15 per cent), Mitsui E&P Mozambique Area1 Ltd (20 per cent), ONGC Videsh Rovuma Limited (10 per cent), BREML (10 per cent), BPRL Ventures Mozambique B.V. (10 per cent), and PTTEP Mozambique Area 1 Limited (8.5 per cent), the statement added.
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