Trade energy provider and chemical manufacturer ExxonMobil brought additional liquefied natural gas (LNG) volumes to the global energy market as it announced the first cargo from the $8 billion Coral South floating LNG (FLNG) project off the coast of Mozambique, Africa.
Coral South generated its first LNG volumes in early October after the FLNG’s on-schedule start-up. It is expected to produce 450 billion cubic meters of natural gas from the coral reservoir in Mozambique’s Rovuma Basin.
The floating production vessel is also expected to liquify 3.4 million metric tons of LNG a year.
According to ExxonMobil’s LNG business head Peter Clark, 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 is joining the ranks of global LNG producers and contributing to global LNG supplies at a time when the world needs it most,” he added.
ExxonMobil said that the lower-emissions LNG plays an “increasingly important role” in the company’s portfolio since it plans to “nearly double” its LNG contribution by 2030 as “low-cost, capital-efficient projects like Coral South come online.”
The cooperation is between ExxonMobil and Coral South. The former is part of the largest integrated fuels, lubricants, and chemical companies worldwide while the latter is operated by Eni and the first project initiated in Mozambique that develops the gas resources discovered in offshore area 4 in the Rovuma Basin.
According to Eni, the Coral South project is a “milestone for development” in Mozambique since it provides a “a major new source of natural gas to help secure global supplies.”
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