Eni signed today a cooperation agreement with Korea Gas Corporation (KOGAS) to further strengthen their relationship in a number of areas, particularly in the upstream and LNG sectors. The agreement will allow the companies to jointly pursue opportunities worldwide.
Eni and KOGAS expect the cooperation agreement to facilitate the LNG development of Area 4 in Mozambique where Eni is operator with a 50% indirect interest, KOGAS, Galp Energia and ENH partners in the agreement with 10% interest each and CNPC with 20% indirect participation. Area 4’s total resources are estimated to be approximately 85 trillion cubic feet of gas in place and ready to enter in the development phase in 2015.
The cooperation agreement confirms the success of Eni and Kogas’s partnership that so far has been involved in 5 upstream projects including Mozambique, Cyprus, Iraq, Indonesia and Timor Leste.