KOGAS finds natural gas reserve in Mozambique

Korea’s state-run Korea Gas Corp. (KOGAS) has found an additional reserve of natural gas in waters off Africa’s Mozambique, the government said yesterday. The announcement came one week after KOGAS said it discovered 15 trillion cubic feet (Tcf) or some 340 million tons of natural gas in the Area 4 offshore well.

The discovery of the additional reserve came at the same site, according to the Ministry of Knowledge Economy, which oversees the state corporation.

“The newly discovered bed of natural gas is located 500 meters below the layer discovered a week earlier and is estimated to hold 7.5 Tcf of gas,” the ministry said in a press release.

KOGAS has a 10 percent stake in the Area 4 well, which is operated by Italy’s Eni S.p.A. with a 70 percent stake.

With the earlier discovery of 340 million tons, KOGAS’ entitlement to 10 percent of future production at the Mozambique well will yield at least 54 million tons, enough to supply South Korea’s total consumption for 18 months, the ministry said.

Yonhap