Galp's CEO considered today that the Coral Sul project, in Mozambique, will put that country "on the map of liquefied natural gas, as an important world supplier", complementing the US and Qatar.

"[The] South Coral project will put Mozambique on the LNG [liquefied natural gas] map as an important global supplier. LNG continues to be a crucial part of energy supply, now and in the future, and Mozambique will play a central role, complementing the United States and Qatar," said Andy Brown, quoted by Lusa, in a video recorded for the Portuguese oil company's third quarter and first nine months of the year results.

The Coral Sul project consists of the construction of a floating natural gas liquefaction unit (FLNG), and is the first development project related to the discoveries made in Area 4 of the Rovuma basin in Mozambique.

Galp holds a 10% stake in the consortium for the development of Area 4.

Eni is the operator with an indirect stake of 50%, through Eni East Africa, which holds a 70% stake in Area 4.

Kogas and ENH each hold a 10% stake in the project, while China National Petroleum Corporation (CNPC) holds an indirect 20% stake through Eni East Africa.

In the same video, Andy Brown reiterated that the company is finding alternative, competitive sources of natural gas, although the impact of the flooding in Nigeria on contractual deliveries is not yet known.

"While it is still uncertain what the impact of this event [flooding in Nigeria] might be, having pre-sold the volumes, we are actively finding competitive alternative sources of gas," said the outgoing CEO at the end of the year.

Last week, Galp informed the Securities and Exchange Commission (CMVM) that it had received from Nigeria LNG, the main national supplier of natural gas, "a force majeure notice based on the widespread flooding being experienced in Nigeria, causing a substantial reduction in the production and supply of liquefied natural gas."

Andy Brown said, however, that he expects "gas supply and commercial contributions for 2023 to improve significantly."

Galp today reported a profit of 608 million euros in the first nine months of the year, up 86% from the same period last year, and 187 million in the third quarter, up 16%.

"I am confident that the journey we have taken to regenerate the future together will continue to yield strong results and that the quality of Galp's team and assets will allow us to grow, leading the sector in the energy transition. It has been a privilege to be part of this journey as Galp's CEO," Andy Brown concluded.