Italian oil and gas firm Eni has completed the $4.675bn financing deal with its partners for the Coral South floating liquefied natural gas (FLNG) project in offshore Mozambique.

Financing was raised through seven separate facilities.

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The project has a capacity of 3.4Mtpa and involves the development of gas resources discovered by Eni and its partners in the Rovuma Basin.

According to the company, the FLNG project targets the production and monetisation of the gas contained in the southern part of the Coral gas reservoir.

The Coral field is estimated to have reserves of around 450 billion cubic metres of gas.

“The Coral field is estimated to have reserves of around 450 billion cubic metres of gas.”

Last year, BP signed an agreement to purchase 100% of the LNG produced by the FLNG project.

With production set to begin in 2022, the project is expected to produce up to five trillion cubic feet of gas.

Currently, Eni is the Operator of Area 4 and holds a 50% indirect interest in the block through its participation in Eni East Africa (EEA).

In March, ExxonMobil signed an agreement with Eni to acquire a 25% interest in Area 4.

Other participants in the block are CNODC with a 20% interest, along with Empresa Nacional de Hidrocarbonetos (ENH), Kogas and Galp Energia with 10% interests each.