Mozambique gas field stake could fetch $4.5bn


Anadarko Petroleum and Indian billionaire Venugopoal Dhoot have launched the auction of a 20 per cent stake in a Mozambique gas field that could fetch $4.5 billion, sources have told Reuters.

The Rovuma offshore field is a hot property after recent discoveries boosted Mozambique’s gas reserves to about 150 trillion cubic feet, enough to supply world number one importer Japan for 35 years.

The east African country is expected to eventually compete with Australia and Qatar as a major provider of liquefied natural gas to Asia.

Last year Thai state oil company PTT Exploration and Production PCL trumped Royal Dutch Shell in a battle for Cove Energy and its 8.5 per cent of the field. The $1.9 billion price tag for Cove implies the stake now on offer could fetch about $4.5 billion. – (Reuters)