AfrOil: Eni acquires Tango FLNG for Marine XII project

Italian oil major Eni SpA has acquired Tango FLNG, a small-scale floating LNG (FLNG) vessel, for installation at the Marine XII block offshore Republic of Congo from Belgium’s Exmar. In a statement dated August 5, the Italian major reported that access to the vessel, which can liquefy 600,000 tonnes per year (tpy) of natural gas, would allow it to accelerate the start of LNG production at Marine XII.

Exmar confirmed the agreement, saying in a separate statement that it had struck a deal with Eni on the sale of the FLNG unit. The Belgian company put the value of the sale at $572mn-$694mn, explaining that the exact price would depend on Tango FLNG’s performance during the first six months on site.

Eni said Tango FLNG would begin operating “in the second half of 2023, following the completion of mooring and connection works necessary to tie with the Marine XII network and infrastructure,” with LNG production starting sometime before the end of the same year.