Anadarko Petroleum Corporation, on tuesday, revealed that its losses reduced in Q1 of 2016 as it had slashed expenses due to low oil and gas prices.

The company said its net loss in Q1 reduced to $1.03 billion, from $3.27 billion in Q1 of 2015.

At the start of this year, Anadarko announced that it will cut its 2016 expenses by nearly 50% and had anticipated a minimum amount of financing in its Mozambique LNG project as it is progressing toward a final investment decision (FID).

The company had expected a 50% decrease in capital investments between $2.6 billion to $2.8 billion in 2016, compared to that of last year. However capital investment in Mozambique had reached $21 million in Q1.

Anadarko and its partners discovered over 75 Tcf of recoverable natural gas resources in Mozambique’s Offshore Area 1 and are working to develop one of the world’s largest liquefied natural gas (LNG) projects.

This finds have the potential to promote Mozambique to the world’s third-largest exporter of natural gas.

“The partnership continues to work with the Government of Mozambique to progress the agreements and approvals required to support the investment,” the company told LNG World News.

Anita Fatunji