“Now, with the efforts of the Government of Mozambique forces, supported by a regional coalition, progress is being made in improving the security situation in the region, and the project will resume as soon as the security situation is stabilized in a sustainable manner,” BPCL Managing Director Arun Kumar Singh told the company’s shareholders at the company’s annual general meeting.
Singh said the company was hopeful that the project should start from the first half of 2023. Given that India imports about half of its LNG requirements to meet domestic demand, getting the unit operational would help.
In addition to BPCL, Indian state-owned ONGC and Indian Oil Corporation (IOC) also have a 10% stake each in the multi-billion dollar natural gas development project off the country’s northern coast.
TotalEnergies has a 26.5% stake, along with Mozambique’s state-owned ENH, which has 15%, Japan’s Mitsui and Jogmec have 10% each and Thailand’s PTT has 8.5%.
