PTTEP to Invest $1 bn in Mozambique Gas Project

Thailand's PTT Exploration and Production is planning to invest up to $1 billion in the Mozambique gas project in the next five to six year starting next year, the company said.

The project, which will link to a liquefied natural gas terminal, aims to produce 10 million tonnes of LNG a year by late 2018 or 2019, chief executive Tevin Vongvanich told reporters, Reuters reported Monday.

In August 2012, the Thai state owned firm acquired Cove Energy, which owns an 8.5 percent stake in the Rovuma block off the coast of Mozambique,