(Ecofin Agency) - Anadarko Petroleum on Friday announced that the planned extraction of natural gas in Mozambique may commence in 2022 or 2023 while the final investment decision will be made in 2017.

According to the Chief Executive of the oil company, Al Walker, a final investment decision of no less than US$15 billion, intends to make the most of the next phase of increase in the prices of commodities.“Our hope is that we can move very quickly,” Walker said.

Consulting firms such as Wood Mackenzie and IHS Markit have estimated that at the beginning of the next decade demand and natural gas prices will increase significantly than at this present time.

Anadarko Petroleum operates one of the two blocks in the Rovuma basin, in the Cabo Delgado province, where large deposits of natural gas was discovered while Eni, which is the operator of another block, is yet to make a final investment decision, Macauhub reports.

Anita Fatunji