Eni completes $4.7 billion Coral South FLNG financing

Image courtesy of Eni

Italy’s state-controlled energy giant Eni said on Wednesday it has closed $4.7 billion financing for its Coral South floating liquefied natural gas (FLNG) project in Mozambique.

The deal was split between seven banks, Eni informed on in a statement on Wednesday.

Coral South FLNG is the project sanctioned by the Area 4 partners for the development of the considerable gas resources discovered by Eni and its partners in the Rovuma Basin offshore Mozambique.

It targets the production and monetization of the gas contained in the southern part of the Coral gas reservoir, by means of a floating LNG plant with a capacity of 3.4 mtpa.

In October 2016, Eni and its Area 4 partners signed an agreement with BP for the sale of the entire volumes of LNG produced by the Coral South project for a period of over twenty years.

Eni is the operator of Area 4, holding a 50 percent indirect interest through its participation in Eni East Africa (EEA).

In March 2017, Eni and ExxonMobil signed a sale and purchase agreement to enable ExxonMobil to acquire a 25 percent interest in Area 4, through EEA.

The remaining interests in Area 4 are held by CNODC (20 percent), Empresa Nacional de Hidrocarbonetos E.P. (ENH, 10 percent), Kogas (10 percent) and Galp Energia (10 percent).

Share this article

Follow LNG World News

Events>

<< Apr 2019 >>
MTWTFSS
1 2 3 4 5 6 7
8 9 10 11 12 13 14
15 16 17 18 19 20 21
22 23 24 25 26 27 28
29 30 1 2 3 4 5

Downstream 2019

Renowned as the most significant global meeting place for Downstream professionals…

read more >

Central and Eastern Europe SSLNG Forum

SSLNG projects are important for Central and Eastern Europe (CEE) because they offer opportunities for solving issues…

read more >

Klaipeda LNG Forum 2019

Klaipėda LNG forum 2019 organised by Klaipėda Science and Technology Park, Klaipėdos nafta and Embassy of the Netherlands will take place on the 15-16 May at Klaipėda Castle’s site hall, Lithuania.

read more >

Flame 2019

Flame is Europe’s largest gathering of midstream gas & LNG players, bringing together everyone who matters – from producers to utilities, purchasers, infrastructure providers, traders, regulators and policy makers.

 

More info

read more >