Eni’s board of directors has approved the investment plan for the first phase of Coral South project in offshore Mozambique, marking a significant step towards the final investment decision.

Located in the deepwaters of Rovuma Basin (Area 4), the Coral field holds approximately 450 billion cubic metres (16tcf) of gas. The field was discovered in May 2012 and outlined in 2013.

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Eni serves as the operator of Area 4 holding a 50% indirect interest through Eni East Africa (EEA) that holds a 70% stake in Area 4.

The other concessionaires include Galp Energia, KOGAS and Empresa Nacional de Hidrocarbonetos,  which each own a 10% stake in the project. Through Eni East Africa, CNPC owns a 20% indirect interest in Area 4.

"The FLNG will possess a liquefaction capacity of more than 3.3 million tonnes of LNG per annum."

The project will see construction of six subsea wells that will be connected to a floating production facility floating liquefied natural gas (FLNG).

The FLNG will possess a liquefaction capacity of more than 3.3 million tonnes of LNG per annum, which is equivalent to nearly five billion cubic metres.

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Last February, the project development plan was approved by Mozambique authorities.

Eni and its Area 4 partners signed an agreement with BP for the sale of the entire volumes of LNG produced by the FNLG Coral South for more than 20 years in October this year.

Signing of the agreement was the first notable step for development of the 2,400 billion cubic metres (85tcf) of gas within Area 4.

The final investment decision would become effective after all Area 4 partners give their approval and the project financing is underwritten.