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India and Mozambique signed a cooperation deal in the field of oil and gas for a period of five years, according to Indian government's statement Wednesday.
"Offshore gas discoveries in 2010 in two adjacent offshore blocks have seen the emergence of Mozambique as a significant hydrocarbon rich nation," the Indian government's official statement read.
"Mozambique is strategically located near India and is ideally suited for bringing natural gas to India at a fixed market price. The participation of Indian energy companies in the project will facilitate access to liquefied natural gas for the growing Indian gas market," it added.
India's LNG imports accounted for about 29 percent of 2012's demand, according to U.S. Energy Information Administration.
The country was the world's fourth-largest LNG importer in 2013, following Japan, South Korea, and China, and has almost a six percent share in global consumption.
The International Petroleum Company of India, ONGC Videsh Ltd, has invested more than $5 billion in an offshore gas field, Rovuma Mozambique. The total shares have been acquired through two sales - one in June 2013 and the second in February 2014, totaling a 20 percent share in the gas field.
The company also holds shares in several fields and participated in pipeline projects, across Africa - in Libya, Nigeria, Sudan and South Sudan.
With 2.83 trillion cubic meters, Mozambique's proved natural gas reserves are ranked the third-largest holder in Africa, following Nigeria and Algeria.
Mozambique produces a small volume of natural gas compared to the country's rich reserves. The country produced 4.35 billion cubic meters of natural gas mainly from two onshore gas fields, Pande and Temane in 2012, according to data released by Energy Information Administration.
Mozambique's natural gas produced in 2012, is mostly exported to South Africa with around 3.6 billion cubic meter, while the rest was consumed domestically.
www.aa.com.tr/en - Ankara
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