[KOGAS Webzine/ February 16, 2024] The Coral South FLNG(Floating Liquid Natural Gas) project, a significant endeavor in Mozambique's Area 4, spearheaded by the Korea Gas Corporation (KOGAS), is making strides.

Initiated as the inaugural gas field development project in Mozambique's Area 4, KOGAS secured a 10% stake from ENI in 2007, marking the genesis of its involvement. Subsequently, in May 2017, the related work changed into full-scale development with the final investment secured for the Coral South FLNG project.

This endeavor represents a landmark achievement for KOGAS, embodying its comprehensive engagement across the LNG value chain, from exploration to gas field development and eventual LNG production. The project garnered participation from Korean stakeholders, including shipbuilders, financial institutions, and insurance companies. Notable contributions include Samsung Heavy Industries for the FLNG construction.

Having arrived at the Mozambican maritime site in January 2022 after successful trials, the Coral South FLNG commenced LNG production in November 2022, utilizing innovative methods to extract gas directly from the sea. In 2023, the project entered a phase of stable production, yielding an annual output of 2.66 million tons of LNG, resulting in sales totaling approximately $130 million. Forecasts suggest that annual production and sales are poised to increase to 3.37 million tons of LNG by 2047.

Looking ahead, KOGAS is deliberating on a potential follow-up LNG project, aligning with a phased business development strategy for the Area 4 in Mozambique.