Eni nearing first Coral FLNG cargo

Eni is preparing to ship the first cargo of liquefied natural gas (LNG) from its 3.4 mtpa Coral Sul FLNG located offshore Mozambique.

In June, the FLNG received its first gas supplies from the Coral South reservoir offshore Mozambique.

Eni discovered Coral back in May 2012 and it operates the Area 4 along its partners ExxonMobil, CNPC, GALP, Kogas, as well as ENH.

The Italian energy firm previously said the FLNG would be ready to achieve its first LNG cargo in the second half of 2022, adding Mozambique to the LNG producing countries.

LNG Prime reported in August that the floating LNG producer was nearing the first cargo as the 173,400-cbm British Mentor, operated by BP that will take all of the LNG produced at the unit, was heading towards the facility.

However, this carrier did not take the FLNG’s first cargo.

Recent reports also suggested that one LNG carrier was close to the facility as well and ready to load the shipment.

Eni’s executives confirmed on Friday during the company’s third-quarter call with analysts that the unit had started producing LNG.

“As you know, we have produced the first LNG in Coral and we are completing the ramp-up to achieve the first cargo that is forthcoming,” Guido Brusco, COO of natural resources said during the call.

Brusco did not provide further information.

The FLNG unit which weighs about 220,000 tons left Samsung Heavy Industries’ Geoje yard in South Korea under tow on November 16 and arrived in Mozambique in early January.

According to Eni, Coral Sul is the first FLNG operating in ultra-deep waters, connected to an underwater system at a depth of around 2,000 meters.

With a length of 432 meters and width of 66 meters, it has the capacity to accommodate up to 350 people in its eight-story living quarter module.

Besides this unit, Eni is also working on a second floating LNG producer to install it offshore Mozambique.

LNG sales drop but earnings jump

In the July-September period, Eni sold 1.80 bcm of LNG, a drop of 30 percent when compared to 2.90 bcm in the same period last year.

Compared to the previous quarter’s 2.40 bcm, LNG sales dropped as well.

During the January-September period, Eni sold 7 bcm of LNG, down 14 percent on year.

However, the company’s global gas and LNG segment reported an adjusted operating profit of 1.08 billion euros ($1.07 billion) in the third quarter, a jump compared to just 50 million euros in the same period last year.

In the nine months of 2022, adjusted operating profit reached 2 billion euros, compared to 44 million euros last year.

“The strong business performance in both reporting periods was due to the scenario effect which underpinned the continuous optimization of our flexible gas and LNG portfolio,” Eni said.

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