(MENAFN- Trend News Agency) BAKU, Azerbaijan, October 2. Eni and its partners CNPC, ENH, Kogas, and XRG have reached the Final Investment Decision (FID) to develop the Coral North floating liquefied natural gas (FLNG) project in the Rovuma Basin offshore northern Mozambique, Trend reports.

The agreement was signed in Maputo in the presence of Mozambican President Daniel Francisco Chapo and Eni CEO Claudio Descalzi.

The Coral North project will tap gas reserves in the northern section of Area 4's Coral field through a new FLNG facility. The development is led by a joint venture comprising Eni (50%), CNPC (20%), Kogas (10%), ENH (10%), and ADNOC's subsidiary XRG (10%).

With a planned liquefaction capacity of 3.6 million tons per year, Coral North will double Mozambique's LNG output to more than 7 million tons annually once operational, strengthening the country's position as Africa's third-largest LNG producer. The project is scheduled for completion in 2028.

“This project leverages Eni's exploration expertise and Mozambique's strategic resources to meet rising global LNG demand,” Descalzi said.“It will enhance global energy security while delivering significant benefits for Mozambique's economy and citizens.”

Coral North will be the second FLNG development in Mozambique after Coral South, which began production in 2022. Eni said the new project will draw on experience gained from Coral South to optimize costs, execution, and performance.

Beyond boosting exports, Coral North is expected to create new jobs, expand opportunities for local businesses, and support social development programs. Since its entry into Mozambique in 2006, Eni has discovered major gas resources in the Rovuma Basin and invested in initiatives to promote education, healthcare, water access, and economic diversification.

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