As Eni's Coral South project effectively continues to be in production, the major has now reached the final investment decision (FID) for the development of the Coral North FLNG project in Mozambique, with an aim for project delivery by 2028
The agreement was signed in Maputo by the Eni-led joint venture behind the project, in the presence of the President of Mozambique, Daniel Francisco Chapo, and Eni CEO, Claudio Descalzi.
While Eni is leading the venture with a 50% share, other partners include CNPC (20%), Kogas (10%), ENH (10%) and ADNOC-subsidiary XRG (10%). Eni will be investing on the development of a state-of-the-art floating LNG facility in the Rovuma Basin, where it will be generating gas volumes from the northern part of Area’s 4 Coral gas reservoir.
Eni CEO Claudio Descalzi commented: “Coral North project leverages Eni’s unmatched exploration skills, our trademark fast-track and capital disciplined development capabilities, Mozambique’s vast gas resources and its strategic geographic position. With Coral North we will contribute to supply the worldwide growing demand for LNG, doubling both Mozambique's contribution to global energy security, and the benefits for the country and its citizens in terms of economic and industrial growth”.
Coral North will be Eni’s second development in Mozambique and the second large-scale FLNG delivered in ultra-deep waters worldwide after Coral South.
With a production liquefaction capacity of 3.6MTPA, the newly built Coral North FLNG - coupled with its predecessor Coral South - will bring Mozambique’s overall LNG production to exceeding 7MTPA, making the country the third-largest LNG producer in Africa and further reinforcing its role in the global energy scenario.
Eni reaches FID on Coral North project in Mozambique
The agreement was signed in Maputo by the Eni-led joint venture. (Image source: Eni)
