Korea's state-run energy company Korea Gas Corp. (KOGAS) has discovered a large natural gas well off the coast of Mozambique, the government said Wednesday.

The latest find is the fourth of its kind in the Area 4 block region located in waters northeast of the African country, with its reserve initially estimated at 10 trillion cubic feet (Tcf), the Ministry of Knowledge Economy said.

"If three earlier discoveries in the same gas block are tallied, the size of gas reserves could reach upwards to 52 Tcf of gas, equivalent to 1.17 million tons of the fossil fuel resource," the ministry said.

Because KOGAS owns 10 percent of the development project, it is entitled to a maximum 117 million tons of gas, the ministry said. The total is the equivalent of 3.4 years worth of natural gas used by South Korea.

The largest partner in the Area 4 block, located on the Rovuna undersea basin, is Italy's Eni SpA, which holds 70 percent stake, with Mozambique and Portuguese companies owning 10 percent stakes, respectively.

Under a deal with Mozambique, energy companies can produce gas at the block for 30 years after they complete exploration.

The ministry, in charge of South Korea's industrial and energy policies, said KOGAS in cooperation with other partners plan to conduct further exploration of the Area 4 sector, which could lead to additional gas deposit discoveries. (Yonhap)