The Eni acquisition of the company Export LNG Ltd, which owns the Tango FLNG floating liquefaction facility, from Exmar group it seemed as a great investment step by the company especially now the  price of gas is at all time high owing to Europe energy crisis, heading above $9 to MMBTU. The FLNG facility will be used by Eni in the Republic of Congo, as part of the activities of the natural gas development project in the Marine XII block, in line with Eni’s strategy to leverage gas equity resources.

The acquisition was coming barely two weeks after the signing of letter of intent between the Minister of Foreign Affairs of the Republic of Congo Jean-Claude Gakosso, the Italian Minister of Foreign Affairs, Luigi di Maio, and of the Italian Minister for Ecological Transition, Roberto Cingolani, the Minister of Hydrocarbons of the Republic of Congo, Bruno Jean Richard Itoua, and the CEO of Eni, Claudio Descalzi, in Brazzaville. The signation agreement is to chat part on ways to increase gas production and exportation in Congo.

The Tango FLNG, which was built in 2017, has a treatment capacity of approximately 3 million standard cubic meters/day and an LNG production capacity of approximately 0.6 million tons per year (about 1 billion standard cubic meters/year). The acquisition of this facility allows the development of a fast-track model capable of seizing the opportunities of the LNG market. In addition, the high flexibility and mobility characteristics of the Tango FLNG will favour the development and enhancement of Eni’s equity gas by accelerating production start-up time.

Tango FLNG will begin its activity in Congo in the second half of 2023, following the completion of mooring and connection works necessary to tie with the Marine XII network and infrastructure. LNG production from Marine XII is expected to begin in 2023, and when fully operational it will provide volumes in excess of 3 million tons/year (over 4.5 billion cubic meters/year).