Yahoo Finance Eni (E) Initiates First Gas Into Congo's Tango FLNG Facility
Eni SpA E has initiated the first gas into the Tango floating liquefied natural gas (FLNG) facility, marking the Republic of the Congo’s inaugural natural gas liquefaction project.
The successful injection of gas was accomplished within 12 months of the final investment decision.
As an integral component of the Congo LNG project, the facility aligns with Eni’s fundamental efforts for supply diversification and is expected to fulfill the power generation requirements of the country.
The Tango FLNG is set to generate its inaugural LNG cargo by the first quarter of 2024, officially establishing the Republic of Congo as one of the countries producing LNG.
The Tango FLNG facility boasts a liquefaction capacity of 1 billion cubic meters per year (bcma). The Tango FLNG facility is tethered next to the Excalibur floating storage unit and employs a configuration known as split mooring. This marks the first implementation of this design in a floating LNG terminal.
Congo LNG is set to enhance gas reserves within the Marine XII permit, achieving a plateau gas liquefaction capacity of 4.5 bcma through phased development, with a commitment to minimizing routine gas flaring.
A second FLNG facility is under construction and is slated to commence production in 2025. It is expected to have a capacity of 3.5 bcma. Eni will exclusively manage the marketing of the entire LNG volume produced.
The plan involves installing two FLNG facilities at the currently operational Nene and Litchendjili fields, as well as at fields earmarked for future development.
Congo LNG anticipates meeting the energy needs of the Republic of the Congo while enabling LNG exports. The project is designed to contribute new gas volumes to the global markets, with a specific focus on fulfilling demand in Europe.
Eni, with a 55-year presence in the Congo, stands as the sole company actively engaged in the country's gas resource development. The company presently delivers gas to the Centrale Électrique du Congo, contributing to 70% of the nation’s power generation capacity.
Zacks Rank & Key Picks
Eni currently has a Zack Rank #3 (Hold).
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