Eni's board of directors has authorized the investment for the first phase of the development of the Coral discovery (Coral South project) located in the deep waters of the Rovuma Basin (Area 4), offshore Mozambique. The Coral field, discovered in May 2012 and delineated in 2013, contains approximately 450 billion cubic meters of gas in place. The energy group communicates it.
In October, the note recalls, Eni and its Area 4 partners signed an agreement with BP for the sale of the entire amount of LNG volumes produced by Coral South, for a period of over twenty years. The approval of the investment by Eni's board of directors represents a fundamental step towards the Final Investment Decision, which will become executive with the approval of the other partners in Area 4 and the signing of the project financing in finalization stage.
The Coral South project, whose Development Plan was approved by the Mozambique Authority last February, continues Eni's note, involves the construction of 6 submarine wells connected to a floating FLNG (Floating Liquefied Natural Gas) production plant. with a liquefaction capacity of over 3,3 million tons of natural gas per year, equivalent to about 5 billion cubic metres. Eni is operator of Area 4 and has a 50% indirect stake held through Eni East Africa (EEA), which owns 70% of Area 4. The other partners are Galp Energia, Kogas and Empresa Nacional de Hidrocarbonetos ( Enh), with a 10% share each. CNPC has an indirect stake of 20% in Area 4, through Eni East Africa.
