firm Anadarko is planning a separate onshore LNG project in

firm Anadarko is planning a separate onshore LNG project in

Italy’s Eni canada goose replica signs LNG deal canada goose store in Mozambique

MAPUTO, June 1 (Reuters) Canada Goose Parka Italian energy company Eni signed an $8 billion deal canada goose outlet toronto factory on Thursday to develop a gas field off the coast Canada Goose online of Mozambique, the first of a series of projects that could transform canada goose outlet store locations the poor African nation into a major Canada Goose Jackets energy supplier to Asia.

Developing the Coral South field, discovered in May 2012 and operated by Eni, requires building six subsea canada goose deals wells connected to a floating facility capable of producing about 3.4 million tonnes of liquefied natural gas (LNG) Canada Goose Online per year, Eni said.

The project would cost $8 billion and LNG exports were expected to start in 2022, 2018 canada goose Eni said.

Coral South Project will deliver a reliable source of energy while contributing to Mozambique economic development, Eni chief executive Claudio Descalzi said in cheap Canada Goose a statement.

The Coral South field contains about 450 billion cubic metres, or canada goose coats 16 trillion canada goose black friday sale cubic feet (tcf) of gas. The field canada goose coats on sale lies in the Rovuma Basin, with estimated reserves of about 85 tcf, enough to supply Germany, Britain, France and Italy for nearly canada goose clearance two buy canada goose jacket cheap decades.

Mozambique, which lies on Africa eastern seaboard, is well placed to supply growing Asian economies with gas, analysts Canada Goose Coats On Sale say.

The floating LNG platform will be built in South Korea by a consortium led by Samsung Heavy. The group includes France Technip and Japan JGC.

Partners in the field development include China National Petroleum Co (CNPC), Korea Gas Corp (Kogas) and Mozambique state run Empresa Nacional de Hidrocarbonetos (ENH). energy major Exxon Mobil Corp agreed this year canada goose clearance sale to pay Eni $2.8 billion for a 25 percent stake in its huge Area 4 concession off the coast of Mozambique, which includes the buy canada goose jacket Coral South field. firm Anadarko is planning a separate onshore LNG project in northern Mozambique.

Eni said project finance would fund 60 percent of the cost of building the floating LNG facility, while the financing agreement 2018 canada goose outlet has been subscribed by 15 major international Canada Goose Outlet banks and guaranteed by five export credit agencies.

Eni long delayed final investment decision will be a relief for the Mozambican government following a high profile debt scandal that emerged last Canada Goose sale year.

The International Monetary Fund and Western donors cut budget support when $2 billion in hidden loans were exposed, plunging the country into economic canada goose crisis.

LNG exports are seen as the only likely long term solution to the country deep financial problems.

is really good news for the government of Mozambique, said Alasdair Reid, Africa expert at energy consultancy Wood Mackenzie. demonstrates that, despite ongoing credit issues, canadian goose jacket there is still enough belief in the investment climate for partners to raise finance and move projects forward.

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