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bp-starts-shipping-lng-from-mozambique
bp-starts-shipping-lng-from-mozambique

bp starts shipping LNG from Mozambique

bp has started shipping liquefied natural gas (LNG) from Mozambique’s offshore Coral Sul FLNG facility, the country’s first LNG project.

Under its long-term contract, bp will purchase 100% of LNG output from Coral Sul FLNG which has the capacity to produce up to 3.4 million tonnes of LNG per year.

In October 2016, bp signed a long-term offtake contract for the purchase of LNG for over 20 years with the Coral sellers comprising of Mozambique Rovuma Venture S.p.A. (a joint venture owned by Eni, ExxonMobil and CNPC), GALP, KOGAS and Mozambique state entity ENH.

Carol Howle, EVP trading and shipping at bp, said: “The start of production from the Coral Sul FLNG facility represents a major milestone for Mozambique, the project partners, and bp as the LNG buyer. This new supply source further enhances bp’s capability to deliver LNG to markets across the world and we look forward to continuing our close collaboration with all those involved.”

Coral South – which moved to a final investment decision in 2017 – is based on the 450bcm of resources in the Coral field in Area 4 offshore Mozambique. bp is aiming for an LNG portfolio of 30 million tonnes by 2030.

bp is accelerating its biogas and low-carbon business after posting $8.2bn third quarter profit which it attributed to an ‘exceptional’ gas marketing and trading result and higher gas realisations.

The strong performance of Gas and Low Carbon Energy – with profits more than doubling since the second quarter to $6.3bn, mainly due to the increase in the forward price of LNG – helped offset weaker refining margins, an average oil trading result and lower liquids realisations.

bp expects global gas prices to remain elevated and volatile during the fourth quarter due to a lack of supply to Europe with the outlook heavily dependent on Russian pipeline flows or other supply disruptions.


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