TechnipFMC (FTI) And Partners Clinch Mozambique EPC Contract
Zacks Investment Research | Oct 10, 2019 12:11AM ET
TechnipFMC plc. (NYSE:FTI) along with partners JGC Corporation and Fluor Corporation (NYSE:FLR) has been awarded an Engineering, Procurement and Construction (EPC) contract by Mozambique Rovuma Venture S.p.A. (MRV). The contract win will enable the company to handle production and construction facilities of Rovuma’s onshore liquefied natural gas (LNG) complex located in Cabo Delgado.
The Rovuma LNG Phase 1 Project will be responsible for delivering two natural gas liquefaction trains with total output of 15.2 million tons per year. From the three reservoirs of the Mamba complex in the Area 4 block of the Offshore Rovuma Basin, the consortium is expected to churn out, liquefy and sell natural gas.
The Rovuma LNG Project is valued between $27 billion and $33 billion. A final investment decision on this project is expected to take place in 2020 while the production with preliminary expenditures worth $500 million is estimated to commence in 2025.
MRV is a partnership between Eni (NYSE:E) , ExxonMobil (NYSE:XOM) and China National Petroleum Corporation. While MRV owns 70% stake in the exploration and production concession of Area 4, its partners Galp, Kogas and Empresa Nacional de Hidrocarbonetos hold 10% interest each.
The recent contract award is seen as a validation of TechnipFMC’s strong record in the global LNG space, which further strengthens its presence in Mozambique where the company is developing Africa’s first floating LNG structure.
London-based TechnipFMC is a leading manufacturer and supplier of products, services and fully integrated technology solutions for the energy industry. The company, which came into its current form following the January 2017 merger between Technip (PA:FTI) and FMC Technologies, is engaged in designing, producing and servicing technologically sophisticated systems and products for subsea, onshore/offshore and surface projects.
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