Eni CEO visits Mozambique to discuss Coral FLNG progress

Following last week’s approval of the financing of the Coral FLNG development by Eni’s board of directors, the company’s CEO paid a visit to Mozambique.

According to Eni, CEO Claudio Descalzi met the president of Mozambique Filipe Jacinto Nyusi  in Maputo.

During the meeting, Descalzi outlined the progress Eni has made on its projects in the country, in particular, its work on the development of offshore Area 4.

The Area 4, located in the deep waters of the Rovuma Basin, contains the giant Coral South gas field for which the investment decision was made by Eni’s board of director last week.

Descalzi also met with Mozambique’s Prime Minister Carlos Agostinho do Rosário, the Minister of Mineral Resources Letícia Klemens, and the president of the state company ENH Omar Mithá.

Coral South FID imminent

As for the Coral South Development, Italy’s Eni is working with its partners there to make the final investment decision for the project by the end of the year.

The company recently made a big step towards the FID, as it has to find a major customer for the gas to be produced there – British energy major BP.

BP will buy all the LNG to be produced by Eni’s Coral South Floating LNG unit, which will be installed offshore Mozambique, over a period of 20 years. Commercial details of the agreement were not disclosed.

The Coral South is only the first phase of the large 15 tcf Coral gas discovery.

The first phase entails development of 5 trillion cubic feet of gas, with the development  entailing the drilling and completion of 6 subsea wells and the construction and installation of a Floating LNG facility, the capacity of which will be around 3.4 MTPA.

Eni is the operator of Area 4 with a 50% indirect interest, owned through Eni East Africa (EEA), which holds a 70% stake of Area 4. The other Concessionaires are Galp Energia, KOGAS and Empresa Nacional de Hidrocarbonetos (ENH) with a 10% stake each. CNPC owns a 20% indirect interest in Area 4 through Eni East Africa.

Offshore Energy Today Staff

 

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