Anadarko Petroleum Corp. (NYSE: APC) announced Monday that the oil field discovery off the coast of Mozambique is their largest find, ever.
The East African oil field is reported to have 15 to 30 trillion cubic feet of recoverable natural gas, up from an estimated 6 trillion cubic feet, reports Bloomberg Businessweek.
The find is large enough to meet the needs of U.S. demand for one year.
“This could be one of the most important natural gas fields discovered in the last 10 years,” Anadarko Chairman and CEO James Hackett said in the company’s prepared statement.
Construction of the liquefied natural gas field is set to begin in 2013 after investment plans are completed. According to the Associated Press, Anadarko plans to begin production in 2018, and exports will mainly go to China and Japan.
Italian energy company, Eni SpA, made a similar large discovery in October. Mozambique is now a potential major gas exporter says Bloomberg.
“Anadarko is the operator for Offshore Area 1, with 36.5 percent working interest. Mitsui E&P Mozambique Area 1 Ltd. is the largest co-owner, with 20 percent,” reports Bloomberg.
That’s all for now,