The anticipated growth will be “influenced by the implementation of structural projects in the Rovuma basin” for liquefied natural gas (LNG) production, as outlined in the documents supporting the proposed Social and Economic Plan and State Budget (PESOE) for 2026, which are set to be discussed in parliament in the coming days.
Foreign direct investment (FDI) in Mozambique more than doubled in the first quarter of this year compared to the same period in 2024, reaching nearly $1.63 billion (€1.42 billion), driven by projects in the mining and gas sectors.
Foreign direct investment in Mozambique had grown by 41.5% in 2024 and by 2% in 2023.
The CEO of the oil company Eni, Claudio Descalzi, confirmed on October 2 that LNG production from Coral Norte will commence in three years, positioning the country as the third-largest natural gas producer in Africa.
Claudio Descalzi made these remarks during the signing of the Final Investment Decision (FID) of $7.2 billion (€6.2 billion) for the second floating platform, Coral Norte.
“We are starting the schedule for 2028. This means we are beginning now with the FID, and within three years, we will start production. This is a commitment; it’s not just talk. It’s not a dream; it’s a commitment to the President, in front of everyone,” Descalzi stated.
Partners in Area 4 of the Rovuma Basin, off Cabo Delgado, including Eni, Empresa Nacional de Hidrocarbonetos (ENH), CNPC, Kogas, and XRG, signed the FID for the new project in the presence of Mozambique’s President, Daniel Chapo, in Maputo.
The head of the Italian oil company, which operates both the Coral Norte and the similar Coral Sul floating platforms, assures that this will “make Mozambique the third-largest LNG producer in Africa,” following Nigeria and Algeria, doubling the country’s current production (solely from Coral Sul) to seven million tons per annum (mtpa).
Mozambique has approved three major development projects to exploit LNG reserves in the Rovuma basin, classified among the largest in the world, off the coast of Cabo Delgado. These include a TotalEnergies project (13 mtpa), valued at $20 billion (€17.4 billion), which is in the process of resuming after suspension due to terrorist attacks in the region, and an ExxonMobil project (18 mtpa), worth $30 billion (€26.1 billion), awaiting the final investment decision, both located on the Afungi peninsula.
Since 2022, Mozambique has generated $235 million (€200 million) in revenue from 137 shipments of LNG and gas condensate to foreign markets from the Coral Sul platform, the government announced in September.
