Breaking News!! Mozambique approves plan of Italian group ENI for natural gas

The government of Mozambique has approved the floating platform development plan of the Coral Sul field, to be explored by Italian oil company ENI, in the Rovuma basin, north of the country, said a statement issued after a cabinet meeting.

The Italian group said in a statement the development plan for the Coral field had received approval from the government of Mozambique and added that this approval relates to the first phase of development of the project for exploration of 5 trillion cubic feet of natural gas in that field, located in the Area 4 concession.

The discovery, made in May 2012 and set out in detail in 2013, proved the existence of 16 trillion cubic feet of high quality natural gas at a depth of over 2,000 metres and at a distance of 80 kilometers from Palma Bay, in the province of Cabo Delgado.

The development plan includes drilling six wells and construction and installation of a floating platform for processing natural gas, which will have a capacity of 3.4 million tons per year.

ENI is the Area 4 block operator with an indirect stake of 50 percent through ENI East Africa, which controls 70 percent of the block, the remaining partners are Portugal’s Galp Energia and South Korean group Kogas and Mozambique’s state oil and gas company ENH all with 10 percent each and the China National Petroleum Corporation with an indirect stake of 20 percent.

source: macauhub

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