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).

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