E - Eni to move ahead with Republic of Congo's first LNG project

2023-04-25 09:49:22 ET

Eni ( NYSE: E ) said Tuesday it will move toward first production this year from liquefied natural gas projects in the Republic of Congo that will focus on supplying Europe.

The project is expected to reach an overall LNG production capacity of 3M tons/year from 2025.

The first floating LNG plant, currently under conversion and with a capacity of 600K metric tons/year, will begin production in 2023. while the second FLNG plant, already under construction, will begin operations in 2025 with a capacity of 2.4M tons/year.

Congo President Denis Sassou Nguesso and Eni ( E ) CEO Claudio Descalzi on Tuesday laid the foundation stone of Congo LNG.

Separately, Eni ( E ) is preparing to drill Mozambique's first offshore exploration well in about eight years, according to the country's regulator.

Eni ( E ) shares are "really cheap, with a potential upside of nearly 50%," Davide Devetak writes in an analysis posted recently on Seeking Alpha .

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