Italian oil company ENI told Lusa on Monday that progress on the Rovuma basin project in Mozambique is on schedule and that the first export should take place in the second half of 2022.

“The development scheme envisages the construction of a floating liquefied natural gas platform with a production capacity of 3.4 metric tons of liquefied natural gas per year, powered by six production wells connected to an underwater production system,” ENI told Lusa.

“Progress in the implementation of the activities [for the South Coral field] is on schedule and the start [of production] is expected for the second half of 2022,” a spokeswoman for the Italian oil company, which on Friday presented last year’s results.

The execution phase of Coral South, the first project on the huge gas reserves discovered in Mozambique, started in June 2017.

On Rovuma LNG, ENI and Exxon submitted a development plan to the government on July 5 last year and the government’s response and the Final Investment Decision are expected this year, the oil company said.

The plan foresees the start of exploitation in 2024 and production of about 22 billion cubic feet over a period of 25 years, including 1.4 billion cubic feet for the Mozambican domestic market.

On Friday, ENI announced a net profit of EUR 4,226 million for 2018, 25% more than in 2017. Adjusted profit was EUR 4,592 million Euros, 93% more than in 2017.

During the meeting of the board of directors, a dividend of 0.83 Euros per share was proposed, of which 0.42 Euros per share had already been paid in September.

Net cash flow from the group’s operating activities was EUR 13,651 million, 35% more than the EUR 10,117 million obtained in 2017, and financial debt was EUR 8,289 million, a decrease of 24% over the previous year, when it reached 10,916 million.

The company’s hydrocarbon production reached a record high in 2018, standing at 1.85 million barrels of oil equivalent per day, representing a growth of 2.5% over 2017.

Source: Lusa