Gulf Oil and Gas accountACCOUNT

Galp Approves Investment Plan for Coral South in Mozambique

Source: www.gulfoilandgas.com 12/19/2016, Location: Africa

Galp informs that its Board of Directors has 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.

Galp’s approval of the investment is another milestone towards the Final Investment Decision on the project, which, besides requiring conclusion and signature of all relevant documentation, is subject to the approval of the project by the remaining partners in the consortium, closing of the financing of the project and approval by the Mozambican government of the financing conditions related to the Empresa Nacional de Hidrocarbonetos (ENH) carry.

The Coral South project involves the construction of a Floating Liquefied Natural Gas (FLNG) unit with a liquefaction capacity of over 3.3 mton of liquefied natural gas (LNG) 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 c.85 Tcf, including the large Mamba discovery.

Last 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.

Due to the size and quality of the resource base, its key location and potential economies of scale, it is expected that the Rovuma basin will play a key role in the natural gas industry, as well as transform the economic landscape of Mozambique.

Galp holds a 10% stake in Area 4. Eni is the operator with a 50% indirect interest through Eni East Africa, which holds a 70% stake in Area 4. Kogas and ENH each hold a 10% interest, while China National Petroleum Corporation (CNPC) has an indirect stake of 20% through Eni East Africa.

For more information about related Opportunities and Key Players visit East Africa Projects

Investment News in Mozambique >>

Egypt >>  1/15/2020 - The EBRD is investing US$ 60 million to become a shareholder in Infinity Energy S.A.E., one of Egypt’s leading private energy companies through the is...
Senegal >>  1/15/2020 - Cairn, along with its joint venture partners, Woodside and FAR, has signed a joint Final Investment Decision (FID) statement, in agreement with Petros...

Nigeria >>  1/13/2020 - Following the Company's announcement earlier today, the Company is now in a position to advise that, based on all information currently available to L...
United States >>  1/13/2020 - Lekoil's advisers were approached yesterday by representatives of the Qatari Investment Authority (the "QIA") questioning the validity of the loan agr...

Zimbabwe >>  1/13/2020 - Invictus Energy Limited, is pleased to announce that the Company’s Cabora Bassa project at Muzarabani held through the Company’s 80% interest in Geo ...
Somalia >>  1/6/2020 - The upper house of Somalia’s parliament on Monday approved a new petroleum law, which aims to provide a regulatory framework that will help to attract...

Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 

Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Insurance  Investment  Mergers and Acquisitions  Risk Management 


Mozambique Oil & Gas 1 >>  2 | 3 |

Oil & Gas Projects in Mozambique >>

More News

Related Links

Gulf Oil and Gas
Copyright © 2019 Universal Solutions All rights reserved. - Terms of Service - Privacy Policy.