Finance
Eni to sign FID for Coral North project in Mozambique, sources say
Published by Global Banking and Finance Review
Posted on October 1, 2025
1 min readLast updated: January 21, 2026
Global Banking and Finance Review
Company
Published by Global Banking and Finance Review
Posted on October 1, 2025
1 min readLast updated: January 21, 2026
Eni is set to finalize its investment in Mozambique's Coral North LNG project, doubling the country's LNG output. The project remains unaffected by security issues impacting onshore developments.
CAPE TOWN (Reuters) -Italian energy group Eni is expected to agree a final investment decision for Mozambique's second floating liquefied natural gas (LNG) platform at an event in the capital Maputo on Thursday, two sources familiar with the matter told Reuters.
Mozambique's government in April approved the development plan for the Coral North floating platform, which will produce 3.5 million metric tons of LNG a year once operational.
Eni's Chief Executive Officer Claudio Descalzi is expected to attend Thursday's signing ceremony along with Mozambique President Daniel Chapo, the sources said.
Coral North will double existing LNG production from the southern African country's offshore Rovuma Basin.
Eni's first floating LNG platform, Coral South, started exports from Mozambique in 2022.
Eni's projects, far out into the ocean, have not been affected by the security delays that have blighted onshore LNG terminals being developed by other global energy companies TotalEnergies and Exxon Mobil .
(Reporting by Wendell Roelf;Writing by Sfundo Parakozov;Editing by Alexander Winning)
Liquefied natural gas (LNG) is natural gas that has been cooled to a liquid state for ease of storage and transport. It is primarily composed of methane and is used as a fuel source for power generation and heating.
A final investment decision (FID) is the formal decision made by a company to proceed with a project after evaluating its feasibility and securing necessary funding. It marks the transition from planning to execution.
A floating liquefied natural gas (FLNG) platform is a facility that processes natural gas at sea, converting it into LNG for storage and transport. It allows for gas extraction from offshore fields without the need for land-based facilities.
The Rovuma Basin is a geological formation located off the coast of Mozambique, known for its significant natural gas reserves. It has become a focal point for international energy companies exploring and developing LNG projects.
Eni is an Italian energy company actively involved in Mozambique's energy sector, particularly in the development of LNG projects. It operates the Coral South and Coral North floating LNG platforms, contributing to the country's energy production.
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