BP to Buy Eni Coral South LNG Project Production
October 04 2016 - 11:40AM
Dow Jones News
By Sarah Kent
LONDON--BP PLC (BP.LN)has signed an agreement with Italy's Eni
SpA (ENI.MI)and its partners to purchase all the production from a
liquefied natural gas project planned for offshore Mozambique.
BP said Tuesday it has signed a sale and purchase to buy 100% of
the gas expected to be produced by the Coral South floating LNG
facility. The deal is contingent on a final investment decision for
the project, which Eni and its partners expected to take by the end
of the year.
BP said the agreement extends for over 20 years and has been
approved by the government of Mozambique. It will give the oil
major's trading arm access to an expected 3.3 million tons a
year.
"The agreement adds to the diversity of our natural gas
portfolio beyond the end of the decade, further enhancing our
ability to meet the needs of our customers," said Paul Reed, CEO of
BP's trading arm.
Write to sarah.kent@wsj.com
(END) Dow Jones Newswires
October 04, 2016 11:25 ET (15:25 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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