Italian oil firm Eni will finish its anticipated final investment decision on a Coral LNG project, offshore Mozambique this week, Reuters reported.
According to LNG World News, The project involves the construction of 6 subsea wells connected to a floating LNG production facility, with a liquefaction capacity of over 3.3m tons of LNG per year.
In February 2016, Mozambique government approved the development of the gas field which was discovered in 2012 and located within Area 4, holding 450bcm of gas in place.
By the end of 2016, Eni and its Area 4 partners signed an agreement with BP for the sale of the entire volumes of LNG produced by the floating NLG Coral South, for a period of over twenty years.
Eni is the operator of Area 4 with a 50% indirect interest owned through Eni East Africa, which holds a 70% stake in Area 4.
The project is being developed by Eni in partnership with Galp Energia, Kogas and ENH, each owning a 10% stake. CNPC owns a 20% indirect interest in Area 4 through Eni East Africa.