Italian energy major Eni and its partners have reached the Final Investment Decision (FID) to develop the Coral North (Coral Norte) floating liquefied natural gas (FLNG) project, in a deepwater area   offshore Cabo Delgado in northern Mozambique. 

The signing ceremony took place in Maputo on October 2, with the President of Mozambique Daniel Chapo and Eni CEO Claudio Descalzi in attendance, Eni said in a press release. 

The project is implemented by the joint venture (JV) led by Eni (50%), China National Petroleum Corporation (CNPC) with a 20% stake, Republic of Korea’s state-owned natural gas importer and distributor Kogas (10%), Mozambique’s state-owned oil and gas company ENH (10%) and Abu Dhabi National Oil Company ADNOC’s subsidiary XRG (10%). 

The new FLNG plant will utilise gas volumes from the northern part of Area 4 Coral reservoir in the Rovuma Basin. It will be Eni’s second development in Mozambique and the second large-scale FLNG delivered in ultra-deep waters worldwide, the Italian major said.