Latest News Oil & Gas: Portugal’s Galp Energia group approves investment in Mozambique

galp-energia

Portugal’s Galp Energia group has approved the plan for investment in the Coral South project in area 4 of Mozambique’s Rovuma Basin, indicates a statement released by the Securities Market Commission.

The approval is “a significant step toward making the final decision on investment in the project, which besides requiring conclusion and signing of all associated documents also depends on the project’s approval by the other consortium partners, completion of the project’s financing and approval of conditions concerning financing of the respective stake of Empresa Nacional de Hidrocarbonetos (ENH) on behalf of the Mozambican government.”

The area 4 bloc is operated by the Italian group ENI, whose direct partners are Galp Energia, South Korea’s Kogas and ENH, all with 10 percent stakes, and indirectly the China National Petroleum Corporation group, which holds 20 percent via ENI East Africa.

In November the Italian group approved the investment for the Coral South project’s first development phase, which will require inputs amounting to US$8 billion from all partners.

The Coral field was discovered in May 2012 and assessed in 2013. It is located entirely within area 4 and contains about 450 billion cubic metres (16 trillion cubic feet) of natural gas.

Source: Macauhub

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