The Rovuma LNG project in Mozambique, led by ExxonMobil and Eni, has reportedly achieved a significant breakthrough in its financing negotiations, moving the development closer to a Final Investment Decision after years of delay tied to security concerns in Cabo Delgado province and volatile global energy markets.
A consortium of international banks and export credit agencies has reportedly agreed in principle to provide a substantial portion of the roughly $25 billion required to finance the onshore liquefaction plant and associated offshore facilities. Commitments from institutions including US Exim Bank, the Japan Bank for International Cooperation, and several European export credit agencies are said to be firming up.
The breakthrough is largely attributed to enhanced security measures implemented by the Mozambican government with international support, which have demonstrably stabilised the region where the gas reserves are located, alongside a renewed global focus on natural gas as a transition fuel. The project aims to produce approximately 15.2 million tonnes per annum of LNG from the Mamba complex in Rovuma Basin Area 4, targeting key Asian and European markets, with a domestic gas component planned to support local industrialisation and power generation.
The Final Investment Decision is now anticipated by early 2027, potentially allowing for first LNG production in the early 2030s — a milestone industry watchers say would be a cornerstone of Mozambique’s economic development, generating substantial government revenue and creating thousands of jobs.
Source: Natural Gas World