Italian group ENI announces large investments in natural gas in Mozambique

14 November 2011

Milan, Italy, 14 Nov – Italian group ENI plans to invest US$50 billion in developing the natural gas reserves discovered in Mozambique with a view to exporting the gas to Asian markets, the chairman of the group, Paolo Scaroni said in Milan Friday.

The group recently announced it had discovered reserves of 22.5 trillion cubic feet of natural gas in Mozambique, in the Rovuma basin, and Scaroni, on returning to Milan after a visit to East Africa, told Dow Jones Newswires that ENI was considering building a number of units to produced liquid natural gas (LNG) to sell to Asia.

ENI said it was planning to build two or three LNG units in Mozambique and that natural gas would first be processed in 2016, but on Friday Scaroni said it was too soon to give dates and figures.

“We are still drilling,” said ENI’s chairman.

Scaroni was received Thursday in Maputo by the President of Mozambique whom he told that it was necessary to build a town near the location of the gas discovery.

US company Anadarko Petroleum also recently announced the discovery of huge natural gas reserves in the same area as the Italian group is prospecting. (macauhub)