MAPUTO - The Coral North Floating Liquefied Natural Gas (FLNG) project in Mozambique reached a final investment decision (FID) on Thursday, with a signing ceremony held in the capital Maputo.
The multi-billion dollar project is a joint venture between Italy's Eni Group, China National Petroleum Corporation (CNPC), Mozambique's national oil company ENH, Korea Gas Corporation and XRG, a subsidiary of Abu Dhabi National Oil Company.
The Coral North project, located in ultra-deep waters off Cabo Delgado Province in northern Mozambique, in Area 4 of the Rovuma Basin, is expected to be completed and commissioned by 2028. The project will use a floating LNG facility with an annual production capacity of approximately 3.55 million tonnes.
Once completed, the project, together with the Coral South FLNG project already in operation, will increase Mozambique's LNG production to approximately seven million tonnes per annum, cementing Mozambique's position as the third largest LNG producer in Africa.
Claudio Descalzi, CEO of Eni, said Coral North will be the second largest ultra-deepwater FLNG project in the world after Coral South.
In his speech, Mozambican President Daniel Chapo said that the Coral North project would require an investment of over US$7.2 billion and would generate approximately US$23 billion in tax revenues for Mozambique over the next 30 years.
"This is not only an engineering project, but also a source of hope for the Mozambican people," He said.
He Wenyuan, CEO of CNPC International Exploration and Development Co., said that the implementation of the Coral North project will further strengthen the competitiveness of Mozambique's gas industry, create more jobs and business opportunities locally, and contribute to sustainable regional economic and social development.
He added that CNPC will continue to work closely with partners to ensure the high quality construction of these projects and actively contribute to global energy security and green energy development.
Since its launch in late 2022, the Coral South FLNG project has exported more than 123 cargoes of LNG and 17 cargoes of condensate. It has also created approximately 1,400 direct and indirect jobs in Mozambique and awarded contracts worth approximately $800 million to local SMEs.
Thediplomaticsociety/Xinhua/gnews.cz - GH
English 
Czech 
Spanish 
French 
Italian 
Russian 
Chinese 
German