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Eni approves investment for first phase of development of the Coral discovery

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LNG Industry,


Eni has announced that it has authorised investment for the first phase of development of the Coral discovery (Coral South project), which is located in the Rovuma Basin (Area 4), offshore Mozambique. The Coral field was discovered in May 2012, outlined in 2013, and contains approximately 450 billion m3 of gas.

The project involves the construction of six subsea wells, which will connect to a floating LNG (FLNG) unit with a liquefaction capacity of 3.3 million tpy of LNG. Mozambique authorities approved the project development plan in February.

Eni and its Area 4 partners signed an agreement with BP in October to sell all LNG produced by the FLNG unit for a 20-year period. This was the first ever agreement signed in Mozambique for the sale of LNG produced in the country.

Eni claims that this investment authorisation represents another important step towards a positive final investment decision (FID), which will become effective as soon as it has been approved by all Area 4 partners, and the project financing (currently being finalised) has been underwritten.

Read the article online at: https://www.lngindustry.com/floating-lng/18112016/eni-approves-investment-for-first-phase-of-development-of-the-coral-discovery/


 

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