[Yonhap/ February 7, 2025] The Korea Gas Corporation (KOGAS) announced on February 7 that it has invested KRW 248.9 billion to support the ongoing development of FLNG project in Mozambique. The investment will be allocated as a loan to its subsidiary, KG Mozambique, to finance the Coral North floating liquified natural gas(FLNG) project in e Area 4 block off the northern coast of Mozambique.

KOGAS clarified that the Coral North project will proceed only after a unanimous investment decision is made by all involved parties, including Mozambique Rovuma Venture, KG Mozambique, the state-run oil and gas corporation of Mozambique (ENH), and Abu Dhabi's state-run oil company, ADNOC.

This announcement follows KOGAS's participation in the Coral South FLNG project, which was launched in 2017 in the Area 4 block. Since November 2022, the Coral South project has been producing liquefied natural gas (LNG). This project is expected to generate 3.37 million tons of LNG annually for the next 25 years, until 2047. KOGAS is actively involved in the entire value chain—from exploration to gas field development, FLNG construction, and LNG production.

KOGAS emphasized that this new investment demonstrates the company’s continued commitment to participating in the Coral North development and FLNG construction. The company added that the total investment cost will be shared according to the contract among the project participants.