KOGAS finds more reserves below Mozambique waters

The Korea Gas Corp.’s efforts to find natural gas off the coast of Mozambique have made progress, raising hopes for new reserves of overseas natural resources for the nation.

The state-run energy corporation has actively participated in the deepwater projects in the African country since 2007. Korea, Asia’s fourth-largest economy, has sought to reduce its heavy reliance on resource imports.

The latest discovery of a natural gas field in the African nation came on Aug. 1. Korea’s Ministry of Knowledge Economy said KOGAS made a new finding of a natural gas field in Area 4 off Mozambique.

It is KOGAS’ fifth discovery of deposits of natural gas in the region since it launched the project on 2007.

The first finding came in October 2011, the second in February this year, the third in March and the fourth in May.

The latest reserve is predicted to include 10 trillion cubic feet (about 230 million tons) of natural gas, according to the ministry.

With the new finding, a total of 62 TCF (about 14 trillion tons) of natural gas has so far been discovered under sea off the African country, the ministry said.

Ministry officials said Korea is expected to secure natural gas that is sufficient for the country’s needs for four years.

Eni S.p.A. of Italy holds a 70 percent stake in the project. KOGAS, Portugal’s Galp Energia and Mozambique’s state-funded ENH own 10 percent each.

The gas company said that it will carry out additional exploration projects together with the foreign companies to find more gas deposits.

(joowonc@heraldcorp.com)