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Monday, November 21, 2016
ENI authorized the investment for the first phase of development for one of its projects off the coast of Mozambique. The company’s board of directors approved the funding for the development of the Coral discovery on Mozambique’s Offshore Area 4.
The project involves the construction of six subsea wells connected to a FLNG vessel. The development plan was approved by Mozambican authorities in February.
The Coral natural gas field, discovered in May 2012 and outlined in 2013, is entirely located within Area 4 and contains about 16 Tcf of gas in place.
In October, ENI and its Area 4 partners signed an agreement with BP for the sale of the entire volumes of LNG produced by the FLNG Coral South, for a period of over 20 years. This was the first agreement ever signed in Mozambique for the sale of LNG produced in the country, and was the first significant step towards the development of 85 Tcf of gas discovered in Area 4.
The authorization of the investment moves ENI one step closer to taking the FID on the project, which the company says will turn effective once all Area 4 partners have approved it and the project financing, which is currently being finalized, has been underwritten.
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