Coral South floating LNG project (Rovuma basin Area 4)

Overview:

• Coral South floating LNG project (Rovuma basin Area 4).
• Eni, China National Petroleum Corporation (CNPC), Korea Gas Corporation - KOGAS, Galp Energia and Empresa Nacional de Hidrocarbonetos - ENH are developing Area 4 of the Rovuma basin LNG project.
• The project consists of six subsea wells linked to an FLNG vessel. The project has a liquefaction capacity of 3.3 million tonnes annually.
• The project developers have signed a 20-year agreement with BP for the sale of the LNG produced.
• Financing for the project was provided by Bank of China, China Development Bank, The Export-Import Bank of China, Industrial and Commercial Bank of China, The Export-Import Bank of Korea (KEXIM), Korea Trade Insurance Company (K-Sure), SACE, COFACE, China Export & Credit Insurance Corporation (Sinosure) and 20 commercial lenders.
• Samsung Heavy Industries is believed to be the company chosen to construct the FLNG vessel itself.
• In March 2017 ExxonMobil acquired a 25% indirect interest in the Area 4 block from Eni for $2.8 billion.

Sam Duke - Editor

Read further analysis of this deal on IFLR.com