LNG imports have increased since the outbreak of the war in Ukraine in 2022. Credit: Karolis Kavolelis/Shutterstock.

Eni and its partners are planning to make a final investment decision (FID) for its Mozambique-based floating liquefied natural gas (FLNG) project by June 2024, reported Reuters, citing sources.

The new FLNG project would be the Italian oil and gas company’s second in the African country and is expected to further boost Mozambique’s production capacity.

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Eni’s first project in the country is the Coral Sul FLNG facility, which began operations in November 2022.

One of the sources was quoted by the news agency as saying: “Job done? Not yet. It is 90% done and we are aiming to have the FID during H1 in 2024.”

According to an Italian Government source, later this week Italian Prime Minister Giorgia Meloni and Eni CEO Claudio Descalzi are expected to visit Mozambique and the Republic of Congo to deepen relations between Italy and the two nations.

Eni operates the Coral Sul facility, with around a 66.66% stake jointly owned by Eni, Exxon Mobil and Chinese company CNPC.

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The minority partners include the state-owned oil company of Mozambique, ENH, Korean Gas and Portuguese energy company Galp.

Located in the ultra-deep waters of the Rovuma Basin, Coral is the associated gas field of Coral Sul.

The Coral field is projected to have 500 billion cubic metres of natural gas.

Currently, Coral Sul produces 3.5 million tonnes of liquefied natural gas per annum and the new FLNG facility could double that capacity, the sources said.

According to the source, the joint venture partners may need some time to come to an investment decision, but overall, it is “ready to go”.

Recently, Eni announced a significant gas discovery offshore Indonesia.

The discovery was made at Eni’s Geng North-1 exploration well some 85km offshore Indonesia’s East Kalimantan province.

As per initial estimates, around 141.58 billion cubic metres of gas is present in the reserve.