Anadarko shrinks Q4 loss, says Mozambique LNG moving forward

Offshore Mozambique (Image: Anadarko)

Woodlands-based Anadarko, the developer of the giant Mozambique LNG project, narrowed its loss in the fourth quarter of 2016 than a year ago, when it posted one-time charges of $954 million.

Anadarko on Tuesday reported a net loss attributable to common stockholders of $515 million, or $0.94 per share, as compared to $1.25 billion, or $2.45 per share, a year earlier.

The latest quarter included a charge of $243 million, or $0.44 per share.

Anadarko’s revenue rose 19 percent to about $2.39 billion in the fourth quarter.

Fourth-quarter 2016 oil and gas sales volumes averaged 774,000 barrels oil equivalent per day (boed), compared with 779,000 boed a year ago.

Mozambique LNG project progressing

Anadarko’s multi-billion LNG development in Mozambique has progressed during the quarter by receiving an approval from the country’s government.

Anadarko and partners have discovered more than 75 Tcf of natural gas resources in the Prosperidade and Golfinho/Atum complexes in Mozambique’s Offshore Area 1, which will be used to feed an onshore LNG terminal on the Afungi peninsula in Cabo Delgado province.

During the fourth quarter, the development plan for the initial two-train Golfinho/Atum project was formally submitted to the government of Mozambique.

“The resettlement plan was approved by the government of Mozambique, and engagement with the government continues on the associated agreements required for resettlement,” Anadarko said.

The discovered reserves are sufficient to support two initial LNG trains, each with capacity of 6 million tonnes per annum, as well as to accommodate expansions, including additional trains capable of producing about 50 million tonnes of LNG per year, according to Anadarko.

The Mozambique LNG project has more than 8 MMTPA of non-binding LNG offtake agreements already in place.

 

LNG World News Staff

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