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Eni completes US$4.7 billion Coral South FLNG financing

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LNG Industry,

Eni announced on 6 December that it has closed the US$4.7 billion financing for its Coral South FLNG project in Mozambique.

The deal was split between seven banks.

Coral South FLNG project was sanctioned by the Area 4 partners for the development of the considerable gas resources discovered by Eni and its partners in the Rovuma Basin offshore Mozambique.

It targets the production and monetization of the gas contained in the southern part of the Coral gas reservoir, by means of a FLNG plant with a capacity of 3.4 million tpy.

In October 2016, Eni and its Area 4 partners signed an agreement with BP for the sale of the entire volumes of LNG produced by the Coral South project for a period of over twenty years.

Eni is the operator of Area 4, holding a 50% indirect interest through its participation in Eni East Africa (EEA).

In March 2017, Eni and ExxonMobil signed a sale and purchase agreement to enable ExxonMobil to acquire a 25% interest in Area 4, through EEA.

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