Breaking News! The Italian oil and gas group ENI approves investment in natural gas project in Mozambique

oil gas

The board of Italian oil and gas group ENI has approved an investment in the first phase of the development of the Coral gas field (Coral Sul project), located in the deep waters of the Rovuma Basin (Area 4), in northern Mozambique, the group said in a statement issued on Friday in Milan.

The project involves the construction of six sub-sea wells connected to a floating production facility (Floating Liquefied Natural Gas Unit), with a liquefaction capacity exceeding 3.3 million tonnes of natural gas, equivalent to about 5 billion cubic metres.

The Mozambican authorities approved the project’s development plan in February 2016.

The statement added that the Coral field, discovered in May 2012 and evaluated in 2013, is fully located in Area 4 and contains about 450 billion cubic metres (16 trillion cubic feet) of gas.

The approval of the investment by the group’s board is a key step for the final decision to invest in the project, which will be effective after the approval of the project and its financing by the other partners of Area 4, a process that is currently being finalised.

The Italian group is the Area 4 operator, with an indirect stake of 50%, through its subsidiary ENI East Africa, which holds a 70% direct stake in Area 4.

The other partners are Galp Energia, Kogas and Mozambican oil and gas company ENH, which hold 10% each, respectively, and the China National Petroleum Corporation, which indirectly owns 20% throughy ENI East Africa.

Source: macauhub

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