Eni Receives Development Approval for Coral Discovery

Eni has received approval from the Government of Mozambique’s Council of Ministers for the plan of development for the offshore Mozambique Coral discovery.

The approval relates to the first phase of development of 5 trillion cubic feet of gas from Coral, which is located in the Area 4 permit. The plan of development, which is the first to be approved in the Rovuma Basin, foresees the drilling and completion of six subsea wells and the construction and installation of a floating LNG facility. Discovered in May 2012, Coral is estimated to contain around 16 trillion cubic feet of gas in place.

Eni’s CEO, Claudio Descalzi said in a company statement:

“Today’s approval of the Coral plan of development is a historical milestone for the development of our discovery of 85 Tcf of gas in the Rovuma Basin. It is a fundamental step to progress toward the final investment decision of our project which envisages the installation of the first newly built Floating LNG facility in Africa and one of the first in the world. We are proud of Eni’s partnership with Mozambique, a key country in the company’s strategies”.

Eni is the operator of Area 4 with a 50 percent indirect interest, owned through Eni East Africa (EEA), which holds a 70 percent stake in Area 4. The other concessionaires are Galp Energia, KOGAS and Empresa Nacional de Hidrocarbonetos (ENH) with a 10 percent stake each. CNPC owns a 20 percent indirect interest in Area 4 through Eni East Africa.

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