- Eni has sold its Nigerian onshore oil assets to Oando, focusing future efforts on deepwater and LNG projects.
- The Coral Sul FLNG in Mozambique has reached 5 million tons of LNG production since October 2022.
- UAE’s ADNOC recently acquired a stake in Galp’s Mozambique assets, including a share in Eni’s Coral Sul FLNG.
Italian energy giant Eni has sold its Nigerian onshore oil and gas assets. The company transferred its wholly-owned subsidiary, Nigerian Agip Oil Company Ltd (NAOC), to Oando, a Nigerian energy provider listed on the Nigerian Exchange Limited and Johannesburg Stock Exchange.
This sale aligns with Eni’s strategy to streamline operations by concentrating on deepwater and liquefied natural gas (LNG) projects. Eni will keep its 5% stake in the Shell Production Development Company Joint Venture (SPDC). The SPDC joint venture, currently operated by Shell (30%), with TotalEnergies (10%), NAOC (5%), and NNPC (55%), will undergo further changes.
TotalEnergies plans to sell its 10% stake, following Shell’s earlier decision to exit, with a value of around $2.8 billion. Eni will continue investing in Nigeria’s deepwater projects and Nigeria’s LNG while exploring new opportunities in the agri-feedstock sector. This strategy fits into Eni’s 2023-2026 plan.
Eni has celebrated a significant milestone in Mozambique with its Coral Sul Floating LNG (FLNG) unit. The FLNG has produced 5 million tons of LNG. Eni, the operator of Area 4 in Mozambique, highlighted this achievement as a significant technical and operational success. Since Coral Sul FLNG began production in October 2022, it has delivered 70 LNG cargoes and ten condensates, benefiting Mozambique’s economy.
Marica Calabrese, Eni’s Rovuma Basin Managing Director, praised the milestone as a testament to the team’s dedication and collaboration. Eni plans to work with its partners and the Mozambican government to develop the country’s gas resources further, aiming for economic growth and a sustainable energy transition.
The Coral Sul FLNG, with a capacity of 3.4 million tons per year, processes gas from the Coral reservoir in the Rovuma Basin’s ultra-deep waters. It represents the first floating LNG facility deployed in deep African waters. Plans include the Coral North development, which aims to produce another 3.5 million tons of LNG annually.
The UAE’s ADNOC recently acquired a stake in Galp’s upstream assets in Mozambique, including an interest in Eni’s Coral Sul FLNG. This acquisition underscores ongoing investment and development in Mozambique’s LNG sector.