South Korea’s state-run energy company discovered a large natural gas well off the north coast of Mozambique that could allow it to produce the fossil fuel resource until 2045, the government has said.
The latest discovery by Korea Gas Corporation (KOGAS) is the third of its kind in the Area 4 block region located in waters north of the southeast African country, the Ministry of Knowledge Economy said.
It said preliminary estimates indicated 10 trillion cubic feet (Tcf) of natural gas in the Mamba North East-1 area.
“If two earlier discoveries in the same gas block are tallied, the size of gas reserves could reach 40 Tcf of gas equivalent to 900 million tons,” the ministry said.
KOGAS owns 10% of the development project it is entitled to 90 million tonnes of gas.
The largest partner in the Area 4 block is Italy’s Eni SpA with Mozambique and Portuguese companies owning 10% stakes each.
Under a deal with Mozambique, energy companies can produce gas at the block for 30 years after they complete exploration.
The ministry, in charge of South Korea’s industrial and energy policies, said further exploration is planned for the region, which could lead to the discovery of additional gas deposits.