Galp gives green light for Coral FLNG investment plan

Galp gives green light for Coral FLNG investment plan
Illustration purposes only (Image courtesy of KBR)

Portugal’s Galp Energia is the latest in line to approve the investment plan for the Coral South FLNG project in Mozambique, following Eni and ENH. 

The company said in its statement on Monday its board of directors approved the investment related to the Coral South area, the first development related to the discoveries made in the Area 4 of Mozambique’s Rovuma basin.

The approval of the investment moves the project closer to its final investment decision.

The Coral South project involves the construction of an FLNG unit with a liquefaction capacity of over 3.3 mtpa of liquefied natural gas per year, which will be connected to six subsea wells.

The FLNG will be located in the southern part of the Coral discovery, which is exclusively located within Area 4 and contains around 16 Tcf of gas in place. The total gas discovered in Area 4 is estimated at 85 Tcf, including the large Mamba discovery.

Eni, the operator of Area 4 with a 50 percent indirect interest owned through Eni East Africa, which holds a 70 percent stake in Area 4, approved the Coral South investment plan mid-November and was later followed by Mozambique’s Empresa Nacional de Hidrocarbonetos (ENH).

In October, the consortium signed an agreement with BP for the entire offtake of LNG produced through the Coral South FLNG, for a period of 20 years.

Galp holds a 10 percent stake in Area 4, like Kogas and ENH while China National Petroleum Corporation (CNPC) has an indirect stake of 20 percent through Eni East Africa.

Share this article

Follow LNG World News

Events>

<< Dec 2019 >>
MTWTFSS
25 26 27 28 29 30 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 31 1 2 3 4 5

The 6th CWC China LNG & Gas International Exhibition & Summit

Following on from LNG 2019 and five successful editions in Beijing, the established China LNG & Gas International Exhibition & Summit…

read more >

LNG Pricing, Trading & Hedging: 3-Day Training Course – Singapore / Jan 2019

This three-day training program provides a unique opportunity to learn and apply the practical skills, knowledge and tools needed to:…

read more >

American LNG Forum 2020

The American LNG Forum is your gateway to learning about the US LNG export industry,

read more >

2nd Global LNG Forum

Global LNG Forum is an exclusive networking and knowledge-sharing platform for top experts and business leaders in the industry.

read more >