Japan Sets Foot in Gas Fields in Mozambique

Posted: 08/04/2014 02:08:45   Hits: 934
It is reported that the Ministry of Economy of Japan will provide resource assistance development to Mozambique, an African country that discovered world-class scale gas fields. The two governments reached an agreement on July 31.
To ensure that Japanese enterprises can also participate in development of gas fields in Mozambique, Japan will also assist Mozambique complete relevant laws protecting foreign investments in case of hindrance to operation of Japanese enterprises due to sudden changes in laws. The cooperation with Mozambique will help Japan expand supply channels of liquefied natural gas. The agreements of comprehensive aids including talents training were reached in LNG Dialogue between Japan and Mozambique held on July 31, Mozambique.
Presumptive gas reserves in Mozambique have reached 2.1 billion tons when converting into LNG, being equivalent to total consumption in 20 or 30 years in Japan. Although reserves is located at 14th in the world, Mozambique discovered the largest gas fields as the first digging in two region of its northern offshore after 2010. There are a lot of regions needing to be developed in Mozambique. The gas reserves will increase.
Mitsui will participate in development of a gas field during the test-drilling and retain 20% of rights and interests in the gas field. Gas having been exploited will be exported to Japan and other regions in Asia after being liquefied. It is estimated that the decision to investments on building up LNG base will be made in this year. Investment scale will exceed one trillion yens (about 9.7 billion dollars).

It is claimed that China also acquired 20% of rights and interests in gas fields in Mozambique. Japan is anxious to sign resources development contracts with Mozambique in case of falling behind China for developing resources in Africa. The distance of exporting energy from Mozambique to Japan is equivalent to the distance from Middle East to Japan. Japan who is always relying on importing LNG from Australia, Qatar and Malaysia will expect to acquire new source.
Energy giants in the western have not involved in the development plans of Mozambique. Thus, scope for negotiation is still large. It is expectable to reach a cheap importing price. 
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