Oil India Limited (the “OIL”), the National Oil Company of India, announces that Mozambique Rovuma Offshore Area-1 Project (the “Project”) has satisfied all the conditions precedent for the first debt drawdown of the project financing, which wasfinalized by the Project in July 2020. The senior debt financing of USD 14.9 Billion comprises of Export Credit Agencies (the “ECA”) Direct Loans, ECA Covered Facilities, Commercial Bank Facilities and a Loan Facility with the African Development Bank. The first drawdown from project financing is expected in April 2021.
OIL is a Sponsor in Area 1 Block, through its 40% shareholding in BREML, which holds a 10% Participating Interest in Area 1. The remaining 60% shares in BREML are held by ONGC Videsh Limited.Area-1 Project will be Mozambique’s first onshore LNG development, initially consisting of two LNG trains with total nameplate capacity of 13.12 million tons per annum (MMTPA) for which Final Investment Decision (FID) at consortium level was announced on 18th June 2019.
The Project is operated by Total E&P Mozambique Area 1 Limitada, a wholly owned subsidiary of Total SE, with 26.5 percent working interest. Co-venturers include ENH Rovuma Área Um, S.A. (15 percent), Mitsui E&P Mozambique Area1 Limited (20 percent), ONGC Videsh Rovuma Limited (10 percent), Beas Rovuma Energy Mozambique Limited (10 percent), BPRL Ventures Mozambique B.V. (10 percent), and PTTEP Mozambique Area 1 Limited (8.5 percent).