Eni launches Coral South project in Mozambique

The Republic of Mozambique and Eni have launched the Coral South LNG project implementation phase.

Coral South is the first project in the development of the gas resources discovered by Eni in Area 4 of the Rovuma Basin. This achievement comes just three years since the drilling of the final exploration well in a country that is a newcomer to the global gas market.

The Floating Liquefied Natural Gas (FLNG) unit will have a capacity of around 3.4 MTPA (million tons per year) and will be the first FLNG in Africa and only the third globally.

The FLNG facilities construction will be financed through Project Finance covering around 60% of its entire cost. This is the first Project Finance ever arranged in the world for a liquefaction floater.

Eni CEO, Claudio Descalzi said: “As the world transitions to a low-carbon energy mix, Eni believes that the use of gas is critical to achieving a more sustainable future. Our ambition to become a global integrated gas and LNG player is based on working alongside key partners such as Mozambique. The Coral South Project will deliver a reliable source of energy while contributing to Mozambique’s economic development. This partnership approach with our hosting countries is the foundation on which our joint sustainable growth strategy is built.”

For more information visit www.eni.com

19th June 2017