• India and Mozambique agreed to expedite development of the giant Rovuma gas discovery, which is planned to be converted into LNG for exports.
• ONGC Videsh Ltd, the overseas arm of state-owned Oil and Natural Gas Corp (ONGC), holds 16 per cent stake in Mozambique offshore block Rovuma Area 1. 
• Oil India Ltd has 4 per cent stake while a unit of Bharat Petroleum Corp Ltd (BPCL) holds 10 per cent stake.
• The Area 1 covers roughly 10,000 square kilometre area and is located in northernmost part of offshore Mozambique Rovuma Basin.
• According to OVL, second and final exploration phase for Area-1 ended on January 31, 2015 and have resulted in five discoveries, with combined recoverable resource of about 60 trillion cubic feet. 
• Area-1 represents one of the largest natural gas discoveries in offshore East Africa and has the potential to become one of the world’s largest LNG producing hubs.
• Area-1 plans to develop initially two LNG trains of capacity 6 million tonnes per annum each.
• Area-1 is working towards taking final investment decision (FID) as quickly as possible. 
• Area-1 has also incorporated Mozambique LNG1 Company Pte Ltd in Singapore to oversee marketing and shipping activities of LNG from first 2 trains of Golfinho-Atum field.

Source:TH