Coral South has just exported its first cargo of liquefied natural gas valued at $8 billion, ExxonMobil announced.
First shipment of LNG
Coral South produced its first volumes of LNG in early October following the timely start-up of the FLNG. The site is expected to produce 450 billion cubic meters of natural gas from the Coral reservoir in the Rovuma Basin of Mozambique. In addition, the site has the capacity to liquefy 3.4 million tons of gas for transportation each year.
Peter Clarke, head of ExxonMobil’s LNG business, says:
“The Coral South project will bring significant long-term economic value to the people of Mozambique. Today’s first cargo milestone is a testament to the hard work, continued investment and successful execution of our integrated consortium team. Mozambique joins the ranks of global LNG producers and is contributing to global LNG supply at a time when the world needs it most.”
Low-emission LNG is playing an increasingly important role in ExxonMobil’s portfolio. The company plans to double its LNG offerings by 2030.
An industrial cooperation
Eni, the upstream delegated operator of the Area 4 consortium, operates Coral South. The consortium includes Eni, ExxonMobil, CNPC, Galp, Kogas and ENH. Mozambique Rovuma Venture SpA (MRV) operates Zone 4.
Mozambique Rovuma Venture SpA (MRV) holds a 70% interest in the Zone 4 exploration and production concession contract. Galp and KOGAS each hold a 10% stake. Empresa Nacional de Hidrocarbonetos EP also holds a 10% stake.
