Italian oil company Eni signed today a cooperation agreement with Korea Gas Corporation (KOGAS) to further strengthen their relationship in a number of areas, particularly in the upstream and LNG sectors.
The agreement will allow the companies to jointly pursue opportunities worldwide, Eni said in a press release.
According to the release, Eni and KOGAS expect the cooperation agreement to facilitate the LNG development of Area 4 in Mozambique where Eni is operator with a 50% indirect interest, KOGAS, Galp Energia and ENH partners in the agreement with 10% interest each and CNPC with 20% indirect participation.
Area 4’s total resources are estimated to be approximately 85 trillion cubic feet of gas in place and ready to enter in the development phase in 2015.
Eni and Kogas’ partnership has so far been involved in 5 upstream projects including Mozambique, Cyprus, Iraq, Indonesia and Timor Leste.
Also, KBR yesterday announced it was, together with Daewoo Shipbuilding & Marine Engineering Company, Ltd, awarded a front end engineering design (FEED) contract by Eni East Africa SpA for a floating liquefied Natural Gas (FLNG) facility for the Coral South Development Project located in Mozambique.