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KOGAS Advances US$7 Billion in the Coral North Project in Mozambique

KOGAS Advances US$7 Billion in the Coral North Project in Mozambique

The Korea Gas Corporation (KOGAS) is set to participate in a US$7 billion (9.2 trillion won) gas development project in Mozambique, Africa.

The project, dubbed the Mozambique Area 4 Coral North Floating Liquefied Natural Gas (FLNG) project, is a follow-up to the Coral South FLNG, which KOGAS had previously joined.

According to KOGAS and industry sources on June 30, Italian energy company Eni recently submitted an official proposal for the Coral North project to the Mozambican government. KOGAS decided to participate in the project and has commenced feasibility studies.

A KOGAS official stated, “We are currently conducting feasibility studies to participate in the Mozambique gas development project.” He also added, “Additional investments are required to explore and develop due to the large size of the Mozambican field.”

If KOGAS’s participation in this project is confirmed, it will mark their first new endeavor in Mozambique in six years following the Coral South project, which began LNG production this year after making the final investment decision in 2017.

The joint venture named “Mozambique Rovuma Venture” will operate the project, with KOGAS holding a 10% stake. Besides KOGAS, six companies, including ExxonMobil (USA), Eni (Italy), and China National Petroleum Corporation, will participate.

Businesskorea

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