Eni approves investment plan for the Coral South project in offshore Mozambique

Eni approves investment plan for the Coral South project in offshore Mozambique

Editorial Staff
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Eni's Board of Directors has authorized the investment for the first phase of development of the Coral gas field, discovered on May 2012 and located in deep waters in offshore Mozambique

Eni continue to develop projects in offshore Mozambique. The latest, which involves the development of the Coral gas field, had already been approved by Mozambique authorities last February and it involves 6 subsea wells connected to a floating production facility FLNG (Floating Liquefied Natural Gas), with a liquefaction capacity of over 3.3 million tons of liquefied natural gas (LNG) per year, equivalent to approximately 5 billion cubic meters. This project highlights Eni’s technological leadership in the development of deep-water gas fields via FLNG facilities.
The Coral field, discovered in May 2012 and outlined in 2013, is entirely located within Area 4 and contains about 450 bcm (16 tcf) of gas.
In October, Eni and its Area 4 partners signed an agreement with BP for the sale of the entire volume of LNG produced by the FNLG Coral South, for a period of over 20 years. This was the first agreement ever signed in Mozambique for the sale of LNG produced in the country, and was the first significant step towards the development of the 2400 billion cubic meters (85 TCF) of gas discovered in Area 4.
The approval of this investment by Eni’s Board of Directors is another fundamental step towards the Final Investment Decision on the project, which will become effective once all Area 4 partners have approved it and the project financing, which is currently being finalized, has been confirmed.

See the Mozambique Oil Book