Mozambique President Daniel Chapo held a meeting with the CEO of Eni Claudio Descalzi to mark the signing of the final investment decision (FID) for the Coral Norte FLNG project, according to a statement by the President’s press office.
Eni confirmed the decision in a statement later on Thursday, but it did not provide the pricing details of the project.
Previous estimates suggested that the project is worth around $7.2 billion.
The Italian company has a 50 percent operating stake in the JV which will develop the Coral Norte FLNG project.
Other partners include CNPC (20 percent), Kogas (10 percent), ENH (10 percent), and Adnoc’s XRG (10 percent).
Earlier this year, Eni received approval from the government of Mozambique for its second FLNG project in Mozambique, moving forward towards the exploitation of the natural gas resources of the Coral deposit, located in Area 4 offshore of the Rovuma Basin.
Coral North FLNG will be a replica of Coral South, which has proven to be effective for deepwater production and has exported over 100 LNG shipments since 2022.
With a production liquefaction capacity of 3.6 mtpa, Coral North FLNG – coupled with its predecessor Coral South – will bring Mozambique’s overall LNG production to exceeding 7 mtpa, making Mozambique the third-largest LNG producer in Africa and further reinforcing its role in the global energy scenario, Eni said.
Samsung Heavy, Technip Energies, and JGC
In July, South Korean shipbuilder Samsung Heavy announced that it had signed a contract for preliminary work prior to the main contract for offshore production facilities with an owner in Africa.
The contract is worth 869.4 billion won or about $640 million.
This contract is for Eni’s Coral Norte FLNG.
France-based LNG engineering giant Technip Energies and Japan’s JGC also won contracts for preliminary work on Eni’s second FLNG project in Mozambique.
