Eni and its partners CNPC, ENH, Kogas, and XRG have reached the Final Investment Decision to develop the Coral North floating LNG project in deepwater offshore Cabo Delgado, Mozambique, the company said in a statement.
The signing took place in Maputo in the presence of Mozambique’s President Daniel Francisco Chapo and Eni CEO Claudio Descalzi.
The project will produce gas from the northern part of Area 4’s Coral reservoir in the Rovuma basin using a floating LNG facility.
The joint venture behind the development is composed of Eni (50%), CNPC (20%), Kogas (10%), ENH (10%) and ADNOC’s subsidiary XRG (10%).
Coral North is Eni’s second development in Mozambique and the second large-scale floating LNG facility delivered in ultra-deep waters globally, after Coral South, which has been in production since 2022. The project is scheduled to be completed in 2028.
The Coral North facility will have a liquefaction capacity of 3.6 million tonnes per annum (MTPA). Together with Coral South, Mozambique’s LNG output will exceed 7 MTPA, positioning the country as the third-largest LNG producer in Africa.
The project is expected to strengthen the national economy, create jobs, and expand opportunities for local companies, while scaling up the impacts already generated by Coral South and related investments.
Eni has been active in Mozambique since 2006 and between 2011 and 2014 discovered major gas reserves in the Rovuma Basin, including the Coral, Mamba Complex and Agulha reservoirs, with around 2,400 billion cubic meters of gas in place. Coral South was the first project to bring gas from the basin into production. Eni also implements a sustainability plan in Mozambique covering economic diversification, education, healthcare, and access to water.
Eni S.p.A. is an Italian multinational energy company headquartered in Rome. It operates as an integrated player across oil, natural gas, and renewables and is listed on the Milan Stock Exchange. The Italian government holds a significant stake through the Ministry of Economy and Finance and Cassa Depositi e Prestiti.
China National Petroleum Corporation (CNPC) is a Chinese state-owned oil and gas corporation headquartered in Beijing. It is the largest integrated energy company in China and operates exploration, production, refining, and international projects through subsidiaries including PetroChina.
Empresa Nacional de Hidrocarbonetos (ENH) is Mozambique’s state-owned oil and gas company. It is responsible for representing the state’s interests in petroleum operations and participating in exploration and production projects within the country.
Korea Gas Corporation (Kogas) is a South Korean public natural gas company headquartered in Daegu. It is the world’s largest importer of liquefied natural gas and is publicly listed, with the South Korean government as its largest shareholder.
Abu Dhabi National Oil Company (ADNOC) is a state-owned oil company of the Emirate of Abu Dhabi. It manages exploration, production, refining, and distribution of oil and gas. XRG, its subsidiary, holds participation in the Coral North project.
