Mozambique Oil & Gas: Eni Coral FID expected yet this week

eni pic

Eni Makes Progress on Mozambique, Egypt Assets Sales Goal

Italian energy giant and LNG player Eni will reach the final investment decision on the development of the Coral gas discovery in the Rovuma Basin, offshore Mozambique. 

The company will reach the decision by the end of this week, Reuters reports, citing a company’s spokeswoman.

The project involves the construction of 6 subsea wells connected to a floating LNG production facility, with a liquefaction capacity of over 3.3 million tons of liquefied natural gas per year, equivalent to approximately 5 billion cubic meters.

In February last year, Mozambique government approved the development of the gas field discovered in 2012. Located within Area 4, the field contains about 450 billion cubic meters (16 TCF) of gas in place.

In October, Eni and its Area 4 partners signed an agreement with BP for the sale of the entire volumes of LNG produced by the FNLG Coral South, for a period of over twenty years.

Eni is the operator of Area 4 with a 50 percent indirect interest owned through Eni East Africa, which holds a 70 percent stake in Area 4.

The other concessionaires are Galp Energia, Kogas and Empresa Nacional de Hidrocarbonetos (ENH), each owning a 10 percent stake. CNPC owns a 20 percent indirect interest in Area 4 through Eni East Africa.

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s