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Galp approves investment plan for Coral South

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LNG Industry,

Galp Energia has announced that its board of directors has approved the investment related to the Coral South area – the first development related to the discoveries made in the Area 4 of Mozambique’s Rovuma basin.

Galp holds a 10% stake in Area 4. Eni, meanwhile, is the operator, with a 50% indirect interest through Eni East Africa, which holds a 70% interest in Area 4. ENH and Kogas both hold a 10% interest, whilst China National Petroleum Corp. (CNPC) holds an indirect 20% stake through Eni East Africa.

The Coral South project involves the construction of a floating LNG (FLNG) unit with a liquefaction capacity of more than 3.3 million tpy of LNG. The unit will be connected to six subsea wells and will be located in the southern section of the Coral discovery. This is exclusively located within Area 4, and contains approximately 16 trillion ft3 of gas. Area 4 is estimated to contain approximately 85 trillion ft3 of gas, including the large Mamba discovery.

FID, besides requiring conclusion and signature of all relevant documentation, is subject to the approval of the project by the remaining partners in the consortium, closing of the financing of the project and approval by the Mozambican government of the financing conditions related to the Empresa Nacional de Hidrocarbonetos (ENH) carry.

Last October, the consortium signed an agreement with BP for the entire offtake of LNG produced through the FLNG unit for a 20-year period.

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