{"id":25500,"date":"2022-08-30T16:01:18","date_gmt":"2022-08-30T16:01:18","guid":{"rendered":"https:\/\/www.africa-press.net\/mozambique\/all-news\/bpcl-expects-mozambique-project-to-take-off-next-year"},"modified":"2022-08-30T16:07:55","modified_gmt":"2022-08-30T16:07:55","slug":"bpcl-expects-mozambique-project-to-take-off-next-year","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/mozambique\/all-news\/bpcl-expects-mozambique-project-to-take-off-next-year","title":{"rendered":"BPCL expects Mozambique project to take off next year"},"content":{"rendered":"

Africa-Press – Mozambique. <\/strong><\/span>With the law and order situation improving considerably, Bharat Petroleum Corporation\u2019s (BPCL\u2019s) 12.88 million tonne per annum (mtpa) Mozambique LNG project should take off in the first half of next year, BPCL said on Monday. BPCL has 10% stake in the project and has a 15-year term contract for 1 million tonne (mt) of LNG.<\/p>\n

While construction activities to develop the initial two trains of the LNG project in Mozambique were progressing as per schedule, security incidents during March-end 2021 in the Cabo Delgado province in Northern Mozambique led the operator (Total) to withdraw all project personnel from the site and declare force majeure for the project.<\/p>\n

\u201cNow, with the efforts of the Government of Mozambique\u2019s forces, supported by a regional coalition, progress is being made in improving the security situation in the region, and the project will resume once the security situation is stabilised in a sustainable manner,\u201d BPCL CMD Arun Kumar Singh told shareholders of the company in the company\u2019s annual general meeting.<\/p>\n

Singh said that the company was hopeful that the project should take off from the first half of 2023. Since India imports around half of its LNG needs to meet domestic demand, the operationalisation of the unit would help.<\/p>\n

Apart from BPCL, India\u2019s state-owned ONGC and Indian Oil Corporation (IOC) also have 10% stake each in the multi-billion-dollar natural gas development project off the coast of Northern Mozambique. TotalEnergies has a 26.5% stake, alongside Mozambique\u2019s state-owned ENH, which has 15%, Japan\u2019s Mitsui and Jogmec have 10% each and Thailand\u2019s PTT has 8.5%.<\/p>\n

The Press Conference, which was anchored by S. Abbas Akhtar, Chief General Manager (PR & Brand), was attended by senior journalists from the leading media houses and publications from across the country.#BPCL #PressConference pic.twitter.com\/14urFuI8Su<\/p>\n

\u2014 Bharat Petroleum (@BPCLimited) August 29, 2022<\/p>\n

Singh said that BPCL will also invest $1.6 billion in the BM-SEAL 11 concession in Brazil. While BPCL holds 40% participatory interest in the project, the remaining is with state-owned Petrobras. The project is likely to start production in 2026-27. The company has already invested $1 billion in exploration in the project.<\/p>\n

BPCL recently said it plans to invest Rs 1.4 trillion in the next five years in six \u201cstrategic\u201d areas, including gas, renewable and e-mobility, aimed at diversifying and creating additional revenue streams that will hedge it against any future decline in the liquid fuel business.<\/p>\n

The state-owned oil marketing company, which recorded a Rs 6,291-crore loss in the first quarter, mainly on marketing losses, said the current quarter should not be as bad as the first quarter, as things are improving.<\/p>\n

\u201cWe have responsibility towards our people. This also stems from the fact that we can absorb some losses and ultimately with the hope that we will make up such losses when the good time comes. If you look at the oil companies, it is always a see-saw game,\u201d Singh said.<\/p>\n

Stating that this is just a temporary phase, as the oil price should come down (Singh earlier predicted $90\/barrel), he said that if the prices really do not come down, \u201cthen definitely we will take some steps in consultation with all stakeholders to make sure that we remain financially comfortable. So, it is just a matter of a few months; the first quarter is bad, the second quarter is not as bad as the first quarter. Things are improving.\u201d<\/p>\n

Meanwhile, Singh said that oil marketing companies are in dialogue with different suppliers, including those in Russia, for entering into long-term sourcing of oil. Russia has been supplying crude to India at a discount and a term deal would help in ensuring cheap supplies.<\/p>\n

For More News And Analysis About Mozambique<\/a> Follow Africa-Press<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – Mozambique. With the law and order situation improving considerably, Bharat Petroleum Corporation\u2019s (BPCL\u2019s) 12.88 million tonne per annum (mtpa) Mozambique LNG project should take off in the first half of next year, BPCL said on Monday. BPCL has 10% stake in the project and has a 15-year term contract for 1 million tonne […]<\/p>\n","protected":false},"author":84,"featured_media":25499,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,5,8,16],"tags":[233,281,283],"class_list":["post-25500","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","category-homepage-english","category-twitter","tag-africa-press","tag-africa-press-mozambique","tag-mozambique"],"yoast_head":"\nBPCL expects Mozambique project to take off next year - Mozambique<\/title>\n<meta name=\"description\" content=\"With the law and order situation improving considerably, Bharat Petroleum Corporation\u2019s (BPCL\u2019s) 12.88 million tonne per ...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/mozambique\/all-news\/bpcl-expects-mozambique-project-to-take-off-next-year\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"BPCL expects Mozambique project to take off next year\" \/>\n<meta property=\"og:description\" content=\"With the law and order situation improving considerably, Bharat Petroleum Corporation\u2019s (BPCL\u2019s) 12.88 million tonne per ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/mozambique\/all-news\/bpcl-expects-mozambique-project-to-take-off-next-year\" \/>\n<meta property=\"og:site_name\" content=\"Mozambique\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/AfricaPressTunisiaa\" \/>\n<meta property=\"article:published_time\" content=\"2022-08-30T16:01:18+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-08-30T16:07:55+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/mozambique\/sites\/64\/2022\/08\/postQueueImg_6-630e35c7974f3.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1120\" \/>\n\t<meta property=\"og:image:height\" content=\"672\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"cfeditoren\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"cfeditoren\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.africa-press.net\/mozambique\/all-news\/bpcl-expects-mozambique-project-to-take-off-next-year#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/mozambique\/all-news\/bpcl-expects-mozambique-project-to-take-off-next-year\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/mozambique\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"BPCL expects Mozambique project to take off next year\",\"datePublished\":\"2022-08-30T16:01:18+00:00\",\"dateModified\":\"2022-08-30T16:07:55+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/mozambique\/all-news\/bpcl-expects-mozambique-project-to-take-off-next-year\"},\"wordCount\":620,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/mozambique\/all-news\/bpcl-expects-mozambique-project-to-take-off-next-year#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/mozambique\/sites\/64\/2022\/08\/postQueueImg_6-630e35c7974f3.jpg\",\"keywords\":[\"Africa Press\",\"Africa Press-Mozambique\",\"Mozambique\"],\"articleSection\":[\"all news\",\"economy\",\"homepage-english\",\"twitter\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/mozambique\/all-news\/bpcl-expects-mozambique-project-to-take-off-next-year#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/mozambique\/all-news\/bpcl-expects-mozambique-project-to-take-off-next-year\",\"url\":\"https:\/\/www.africa-press.net\/mozambique\/all-news\/bpcl-expects-mozambique-project-to-take-off-next-year\",\"name\":\"BPCL expects Mozambique project to take off next year - 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