Oil India Limited has announced that the Force Majeure, previously declared for the Area-1 Offshore Rovuma Basin project in Mozambique, has been lifted. This decision follows significant improvements in the security situation in the Cabo Delgado Province. Oil India holds a 4% interest in the project through a joint venture. The project’s initial development includes two LNG trains with a total capacity of 13.12 MMTPA.
Rovuma Basin Project Update
Oil India Limited has announced the lifting of the Force Majeure for its Area-1 Offshore Rovuma Basin project in Mozambique. The company holds a 4% interest in the project through its joint venture, Beas Rovuma Energy Mozambique Limited (BREML).
Background on Force Majeure
In April 2021, the Area-1 concessionaires declared Force Majeure due to a degradation of the security situation in the Cabo Delgado Province of Northern Mozambique, which resulted in the suspension of development activities.
Current Status
Following a significant improvement in security, the Area-1 concessionaires have decided to lift the Force Majeure. The initial development of the project involves two LNG trains with a total capacity of 13.12 MMTPA. This decision marks a positive step forward for the project.
Source: BSE
