Eni and partners to decide on Mozambique LNG investment by mid 2024, sources say

Italy's Eni SpA hopes to reach a final investment decision on its second floating liquefied natural gas (LNG) project in Mozambique by the end of June next year, two sources directly involved with the project said on Tuesday.

Its first LNG project - called Coral Sul - made the impoverished African country a global producer and exporter of LNG from November and the new project would further bolster Mozambique's output.

This could also boost Eni's gas output from Africa which it can transfer to Europe, helping diversify Europe's gas sourcing in the next few years, its CEO Claudio Descalzi said in January.

Descalzi and Italian Prime Minister Giorgia Meloni will travel to Mozambique and Republic of the Congo later this week to strengthen ties between Italy and those countries, where Eni is developing LNG ventures, an Italian government source said, adding they were not expected to sign any new energy deals.

A final investment decision is a point in a project's development where a major investment commitment is taken and is effectively seen as the final go ahead.