Mining & Energy
Mozambique: Oil Institute expects area 4 LNG final investment decision by June
From left to right: Vincenzo Boccia , president of Confindustria, the Confederation of Italian Industries, President Filipe Nyusi of Mozambique, Italian Foreign Minister Enzo Moavero Milanesi and Claudi Descalzi, Eni's CEO, at the Itay -Mozambique Business Forum held in Rome this morning. [Picture: @ASSAFRICA9
Mozambique is set to become the world’s second largest gas exporter by 2024-25, and the country is eager for Italy’s energy giant Eni’s investment and technology to help it discover and develop fields, the company’s chief executive, Claudio Descalzi, said on Tuesday.
‘By 2024-2025, Mozambique will be the second biggest gas exporter in the world after Qatar,” Descalzi told the Italy-Mozambique business forum in Rome, which is being attended by 70 Italian companies and business leaders from the energy and other sectors.
“And it is not yet exporting gas, so technologies are needed to discover and develop fields, ” Descalzi said. “They want us,” he added.
Eni has already invested over 8 billion euros and together with other partners will invest almost another 25 billion euros by 2024 to bring other gas fields on stream, he said.
”Coral (offshore field) will go into production in 2022 and then there is another field developed with Exxon which will eventually produce with Coral 20 million tonnes of liquefied natural gas per year,” said Descalzi.
These projects will bring “a very important return” for Mozambique in 20-25 years time of around 1000 billion US dollars at current prices,” he stated.
And it’s only a third of the gas we have found to exploit. It is a region that will see very great development,” Descalzi added.
— alessandro durante (@ale_durante1) July 9, 2019
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