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Italy's Eni signs LNG deal in Mozambique

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Reuters are reporting that Eni has signed an US$8 billion deal to develop a gas field off the coast of Mozambique, the first of a series of projects that could transform the poor African nation into a major energy supplier to Asia.

Developing the Coral South field, discovered in May 2012 and operated by Eni, requires building six subsea wells connected to a floating facility capable of producing about 3.4 million t of LNG per year.

The project would cost US$8 billion and LNG exports were expected to start in 2022.

The Coral South field contains approximately 16 trillion ft3 of gas. The field lies in the Rovuma Basin, with estimated reserves of about 85 trillion ft3, enough to supply Germany, Britain, France and Italy for nearly two decades.

Mozambican authorities approved the project's development plan in February 2016 and in October Eni signed a 20-year deal to supply BP with LNG from the project.

Mozambique, which lies on Africa's eastern seaboard, is well placed to supply growing Asian economies with gas.

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