Eni’s board of directors has given the green-light for investment in the first phase of the development of the Coral discovery offshore Mozambique.
The project is located in the deepwaters of the Rovuma Basin.
It involves the construction of six subsea wells connected to a floating production facility (FLNG) with a liquefication capacity of more than 3.3million tons of LNG per year.
The project was approved by the Mozambique authorities earlier this year.
The Coral field was discovered in May 2012 and outline in 2013.
Last month, Eni and its Area 4 partners signed an agreement with BP for the sale of the entire volumes of LNG produced by the FLNG Coral South.
Eni is the operator of Area 4 with a 50% indirect interest owned through Eni East Africa (EEA), which holds a 70% stake in Area 4.
The other Concessionaires are Galp Energia, KOGAS and Empresa Nacional de Hidrocarbonetos (ENH), each owning a 10% stake. CNPC owns a 20% indirect interest in Area 4 through Eni East Africa.