The governments of China and South Korea have signed an agreement to support joint exploration for natural gas in the Rovuma basin, Cabo Delgado province, in northern Mozambique.
According to the South Korean Ministry of Economy and Finance, the two countries signed agreements to “launch and strengthen” five projects cooperation between Chinese and South Korean companies in third countries.
In a statement, the ministry highlighted the natural gas exploration project in the Coral field in the Rovuma basin, an area where it is estimated that there is a reserve of 190 billion cubic feet of natural gas.
The price of natural gas exceeds 300 euros per MWh
The Coral field, which has investments from South Korea’s state-owned Korea Gas Corporation and China’s state oil company China National Petroleum Corp, is expected to start producing natural gas in 2024, according to the statement.
The consortium responsible for the project also includes Portuguese company Galp Energia SA and Mozambican state oil company Empresa Nacional de Hidrocarbonetos, among other partners.
A floating liquefied natural gas exploration platform, made in South Korea, has reached the coast of northern Mozambique, Mozambique’s National Petroleum Institute (INP) announced in January.
The economic stimulus package will favor Portuguese companies, says the Mozambican president
The arrival of the platform is “in accordance with the schedule approved by the Mozambican government (…), and the start of production is expected to occur in mid-2022,” added the INP, in a statement.
The agreement was signed this Saturday during a summit, held by videoconference, which brought together the Minister of Economy and Finance of South Korea, Choo Kyung-ho, and the director of the Development and Reform Commission, China’s main economic planning agency. , He Lifeng.
It was the first such meeting since October 2020, with the next summit scheduled for South Korea in 2023, in a face-to-face format, South Korea’s Yonhap news agency reported on Sunday.
Source: Observadora
