Mozambique’s burgeoning gas sector received a boost with the launch of the Coral South LNG project’s implementation phase
Eni is the operator via its participation in Eni East Africa (EEA), which holds a 70 per cent participating interest in the concession. ENH, Mozambique’s national hydrocarbons company, Portugal’s Galp Energia and South Korea’a Kogas each hold a 10 per cent stake. Eni holds 71.4 per cent of the shares of EEA, with China’s CNPC holding 28.6 per cent.
Coral South is the first project in the development of the deepwater gas resources discovered by Eni in the Rovuma Basin. This comes three years since the drilling of the final exploration well. The FLNG unit will have a capacity of around 3.4 MTPA and will be the first FLNG in Africa and only the third globally.
Construction of the FLNG unit will be financed through Project Finance covering around 60 per cent of the total cost. This is the first Project Finance ever arranged in the world for a liquefaction floater. The financing agreement has been subscribed by 15 major international banks and guaranteed by five Export Credit Agencies.
TechnipFMC, meanwhile, has been awarded a major contract for the Coral South project. The contract covers engineering, procurement, construction, installation, commissioning and start-up and its associated risers and subsea flowlines system, as well as the installation of the umbilicals and subsea equipment.
