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Kogas to start natural gas extraction in Mozambique

Collected: 2017.06.04

Distributed: 2017.06.05

Source: Go Direct

Location of Area 4 natural gas field [Source: Korea Gas Corp.]

The state-run Korea Gas Corp. (Kogas) said on Friday that it will launch its long-awaited development of natural gas from a field located in offshore Mozambique about 10 years after it first succeeded in drilling in the field.

The launch comes after the Export-Import Bank of Korea and Korea Trade Insurance Corporation have recently decided to provide project financing funds worth $1.8 billion in total to Kogas for the project.

The Coral South floating liquefied natural gas (FLNG) project in which Kogas is participating is the first natural gas extraction project of Area 4, a natural gas field that houses two other gas fields Mamba and Agula. The Coral field alone is known to have about 1.3 billion tons of gas reserves, which are enough to supply five years’ worth LNG based on last year’s global consumption of 260 million tons.

Kogas - which owns a 10 percent stake in the Area 4 - started its exploration of the Coral in 2007 and has successfully completed 13 rounds of drilling until 2014.

The state-run gas company will be in charge of developing and producing natural gas from the Coral field and also build and manage the FLNG. The project will allow Kogas to produce and sell 3 million tons of LNG every year from 2022 to 2025. A separate consortium that includes Samsung Heavy Industries Co. won a deal to plan, secure, build, install, and test run the FLNG facility.

Kogas also plans to embark on the development of the Mamba gas field in Area 4.

By Ko Jae-man

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