New energy deal set to boost Moz LNG exports
20 Sep 2019 - by
Mozambique is reportedly set to become one of the leading global LNG exporters following the signing of a partnership agreement this week between the Dutch-owned energy company, Vitol, and ENH, the National Oil Company of Mozambique.
The two partners announced the launch of ENH Energy Trading, a joint venture commodity trading company, which sees ENH holding a 51% share and Vitol 49%.
ENH Energy Trading will focus on energy commodities, in particular LNG, LPG and condensate, enabling ENH to create additional value and develop expertise in trading energy commodities.
According to a joint statement, Mozambique has an estimated 125 trillion cubic feet (TCF) of technically recoverable gas resources. In addition to using these resources to fuel domestic energy demand, the first phase of developments will produce significant quantities of gas, LPG and condensate, plus over 30 million tonnes of LNG annually, making Mozambique a leading exporter of LNG.
As part of the agreement, Vitol and ENH are committed to developing an independent and leading marketing and trading team for ENH Energy Trading, leveraging the parent companies’ knowledge and expertise.