The Mozambican government and Italian oil and gas giant Eni are set to sign a financing agreement on Thursday for a second liquefied natural gas project, according to Florival Mucave, president of the Mozambique Energy Chamber.
The project, called Coral Norte, involves the installation of a floating LNG plant and represents an investment of around $8 billion. Eni already operates a floating offshore LNG facility in the same Rovuma basin, off the coast of Cabo Delgado province in the north of the country, which began exporting in November 2022.
Mozambique is also awaiting the resumption of an LNG project led by TotalEnergies, which was halted following a bloody jihadist attack in 2021. Mucave expressed optimism about the project’s future, stating he hopes and is almost certain that before the end of this year, TotalEnergies will lift the force majeure and return to Mozambique with an investment of $20 billion.
Mucave also said he was confident that ExxonMobil would sign an agreement by the end of 2026 to invest $7 billion in another LNG project in the same region. According to a 2024 report by audit firm Deloitte, these projects could make Mozambique one of the world’s top 10 gas producers, contributing 20 percent of African production by 2040.
Source: clubofmozambique.com