Eni secures Mozambique's LNG (liquefied natural gas) through Eni East Africa, and Area 4 block partners in Mozambique, Galp, Kogas and ENH, signed a binding agreement with BP's wholly owned BP Poseidon Ltd on Tuesday Plc, for the sale of liquefied natural gas (LNG) produced by the Coral South floating plant, which will be installed offshore Mozambique. The stock reacted positively on the Stock Exchange where the stock markets rose by 1,46% on a negative day.
The agreement provides for the sale, for a period of over twenty years, of the entire amount of volumes of LNG produced by the Coral South floating plant, which will have an annual production capacity of over 3,3 million tons of LNG.
The signed agreement has already been approved by the Government of Mozambique and remains subordinate - informs Eni - to the final investment decision (FID) of the entire project, which is expected in 2016.
Through this agreement, which follows the approval in February 2016 of the development plan by the Government of Mozambique, the partners of Area 4 reach another milestone in the realization of the Coral South Development Project.
Eni is operator of Area 4 and has an indirect stake of 50%, held through Eni East Africa (EEA), which owns 70% of Area 4. The other Concessionaires are Galp Energia, KOGAS and Empresa Nacional de Hidrocarbonetos ( ENH), with a share of 10% each. CNPC has an indirect 20% stake in Area 4, through Eni East Africa.
