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Sunday, December 10, 2017
Mozambique’s LNG ambitions achieved a major milestone for the Coral South FLNG project. ENI and its Area 4 partners saw their multi-sources project financing achieve financial close. The financing, in a total amount of $4,675,500,000, was split into seven facilities:
Coral South FLNG is the first project 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 floating LNG plant with a capacity of 3.4 mtpa.
A Sale and Purchase Agreement was signed in 2016 for the sale of 100% of the LNG production to BP.
ENI is the operator of Area 4, holding a 50% indirect interest through its participation in ENI East Africa (EEA). In March 2017, the company and ExxonMobil signed a sales purchase agreement to enable ExxonMobil to acquire a 25% interest in Area 4. The remaining interests in Area 4 are held by CNOOC, ENH, Kogas, and Galp Energia.
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