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Eni approves investment plan of Coral South project

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Oilfield Technology,

Eni's Board of Directors has authorised the investment for the first phase of the development of the Coral discovery, which is located in the deep waters of the Rovuma Basin (Area 4), offshore Mozambique.

The project involves the construction of 6 subsea wells connected to a floating production facility FLNG, with a liquefaction capacity of over 3.3 million t of LNG per year, equivalent to approximately 5 billion m3. Mozambique authorities approved the project development plan in February.

This project highlights Eni’s technological leadership in the development of deepwater gas fields via FLNG facilities.

The Coral field, discovered in May 2012 and outlined in 2013, is entirely located within Area 4 and contains about 450 billion m3 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 FNLG Coral South, for a period of over twenty years.

The approval of this investment by Eni’s Board of Directors is a step towards the Final Investment Decision on the project, which will turn effective once all Area 4 partners have approved it and the project financing has been underwritten.

Eni is the operator of Area 4 with a 50% indirect interest owned through Eni East Africa (EEA), which holds a 70% stake in Area 4. The other Concessionaires are Galp Energia, KOGAS and Empresa Nacional de Hidrocarbonetos (ENH), each owning a 10% stake. CNPC owns a 20% indirect interest in Area 4 through Eni East Africa.

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