{"id":8430,"date":"2021-11-04T15:59:47","date_gmt":"2021-11-04T15:59:47","guid":{"rendered":"https:\/\/www.africa-press.net\/mozambique\/?p=8430"},"modified":"2021-11-04T15:30:57","modified_gmt":"2021-11-04T15:30:57","slug":"gas-project-in-mozambique-could-triple-galp-energias-production","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/mozambique\/all-news\/gas-project-in-mozambique-could-triple-galp-energias-production","title":{"rendered":"Gas project in Mozambique could triple Galp Energia\u2019s production"},"content":{"rendered":"

Africa-Press – Mozambique. <\/strong><\/span>Galp Energia\u2019s gas production could triple with the help of the liquefied natural gas (LNG) project in Mozambique. An analysis by Bloomberg Intelligence indicates the reinforcement of the activity, as well as the advantages in terms of cost efficiency, given the possibility of replicating concepts already used by the Portuguese company in Brazil.<\/p>\n

\u201cThe Coral LNG project \u2013 the first to capitalize on the giant natural gas discoveries in Mozambique \u2013 could triple Galp\u2019s gas production. The company\u2019s floating LNG plant should have a capacity of around 3.4 million tons per year,\u201d an analysis signed by Salih Yilmaz and cited by the Portuguese newspaper \u2018Neg\u00f3cios\u2019 observes.<\/p>\n

The company led by Andy Brown sees Mozambique as its second biggest engine of growth, after Brazil. And it expects production to start in the next decade. Of the 16 billion cubic feet of Coral reserves, five will form part of the first phase.<\/p>\n

The consortium comprising Eni, ExxonMobil and CNPC operates in the Rovuma Basin, where it will develop the Coral LNG project. The Portuguese company Galp, South Korea\u2019s Kogas and Mozambique\u2019s ENH each hold 10%.<\/p>\n

\u201cGalp\u2019s upstream production mix leans heavily in favour of oil, at around 90%, while peers such as OMV and Repsol are more focused on natural gas. Galp\u2019s gas production is expected to increase with Coral LNG and other projects in Mozambique, potentially helping to keep pace as the sector shifts focus to the energy transition,\u201d Bloomberg Intelligence reveals.<\/p>\n

It adds that Mozambique\u2019s natural gas projects could be remarkably cheaper if they were able to replicate a concept used in Brazil\u2019s pre-salt oil sites. This had happened with Petrobras, which is reducing expenses by using a single project template in several virtually identical offshore production units.<\/p>\n

\u201cGalp\u2019s experience in these projects can be valuable for Mozambique. As the African country\u2019s gas is pure methane and free of impurities, the efficiency of investment and processing costs would also be a benefit,\u201d reads the report.<\/p>\n

Last week, Galp Energia announced to the market that its net income in the third quarter of this year stood at \u20ac161 million, leaving behind the losses registered in the same period of 2020. Oil exploration and production rose, boosting the numbers between June and September.<\/p>\n

The oil company also improved its outlook for the fourth quarter of this year, riding on the performance of oil prices. It forecasts that its EBITDA will reach \u20ac2.3 billion, representing a net increase of \u20ac622 million in the fourth quarter, and above that recorded between June and September.<\/p>\n

For More News And Analysis About Mozambique<\/a> Follow Africa-Press<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – Mozambique. Galp Energia\u2019s gas production could triple with the help of the liquefied natural gas (LNG) project in Mozambique. An analysis by Bloomberg Intelligence indicates the reinforcement of the activity, as well as the advantages in terms of cost efficiency, given the possibility of replicating concepts already used by the Portuguese company in […]<\/p>\n","protected":false},"author":84,"featured_media":8428,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,5,8,16],"tags":[233,281,283],"class_list":["post-8430","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","category-homepage-english","category-twitter","tag-africa-press","tag-africa-press-mozambique","tag-mozambique"],"yoast_head":"\nGas project in Mozambique could triple Galp Energia\u2019s production - Mozambique<\/title>\n<meta name=\"description\" content=\"Galp Energia\u2019s gas production could triple with the help of the liquefied natural gas (LNG) project in Mozambique. 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