The Korea Gas Corporation (KOGAS) announced a KRW 248.9 billion investment in the Coral North floating liquefied natural gas (FLNG) project in Mozambique, according to Yonhap.
This investment will be provided as a loan to KG Mozambique, KOGAS's subsidiary, to support the ongoing development of the project.
The Coral North project, located in Area 4 off the northern coast of Mozambique, will proceed following a unanimous investment decision from all participating entities, including Mozambique Rovuma Venture, KG Mozambique, ENH (Empresa Nacional de Hidrocarbonetos), and ADNOC (Abu Dhabi National Oil Company).
This investment follows KOGAS's successful involvement in the Coral South FLNG project, which commenced production in November 2022.
The Coral South project is expected to produce 3.37 million tons of LNG annually for the next 25 years. KOGAS actively participates in the entire value chain of this project, from exploration and gas field development to FLNG construction and LNG production.