Nov 03: Even though background work to get the Anadarko operated Mozambique block -- in which the Indian trio of ONGC, OIL and BPCL are heavily invested -- off the ground has started in earnest, lenders are still waiting for the promoters to pull off back-to-back gas offtake deals before financial closure can be brought about.
8There are new kinds of open funding (without offtake agreement)  instruments coming up, but they are still far off the horizon. For even through the LNG funding market has evolved, as of now financiers are still fighting shy of extending loans to a project where sales are not pegged to a credit worthy offtaker.
8What is more, in an adjacent field in Mozambique, ENI was able to to strike an FID for the 3.4 million mt/year Coral FLNG in June, 2017 on the back of lending by a consortium of 15 international banks and guaranteed by five export credit agencies.
8The funding came only after ENI signed an agreement with BP for the sale of all the LNG produced at Coral South for more than 20 years.
8Anadarko will have to pull off a similar coup before FID can happen.
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