KOGAS finds fourth deposit in Mozambique

The Korea Gas Corp. announced on Wednesday that it has detected a new deposit of natural gas off the coast in Mozambique for the fourth time.

The gas company had previously discovered deposits of natural gas three times in Mozambique, in October 2011, February 2012 and March 2012. Now it has made its fourth discovery in the 12,956 square-kilometer basin area in Rovuna, northern Mozambique, the company said.

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 make at least five additional examination projects together with Eni S.p.A. to find out where there will be more gas deposits.

With the new discovery, Korea is expected to secure natural gas that is sufficient for the country’s needs for 3.1 years, KOGAS said.

(joowonc@heraldcorp.com)