This growth will be “influenced by the implementation of structuring projects in the Rovuma basin,” for the production of liquefied natural gas (LNG), according to documents supporting the proposal for the Social and Economic Plan and State Budget (PESOE) for 2026, which will begin discussions 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 almost 1.63 billion dollars (1.42 billion euros), driven by projects in the mining and gas sectors.
Foreign direct investment in Mozambique had previously grown by 41.5% in 2024 and 2% in 2023.
Eni’s CEO, Claudio Descalzi, confirmed on October 2 that the production of Coral Norte LNG will commence in three years, elevating the country to the third-largest natural gas producer in Africa.
Claudio Descalzi spoke during the signing of the Final Investment Decision (FID) of 7.2 billion dollars (6.2 billion euros) for the second floating platform, Coral Norte.
“We begin the schedule for 2028. This means that we start now with the FID and, in three years, we will start production. And 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,” stated Descalzi.
Partners in Area 4 of the Rovuma Basin, off the coast of Cabo Delgado — Eni, Empresa Nacional de Hidrocarbonetos (ENH), CNPC, Kogas, and XRG — signed the FID for the new project in the presence of Mozambican President Daniel Chapo in Maputo.
The leader of the Italian oil company, which operates the floating platform Coral Norte, identical to Coral Sul, assures that it “will make Mozambique the third-largest LNG producer in Africa,” after Nigeria and Algeria, doubling the country’s current production (only Coral Sul) to seven million tonnes per annum (mtpa).
Mozambique has three approved megaprojects for developing LNG reserves in the Rovuma basin, classified among the world’s largest, off the coast of Cabo Delgado, including one by TotalEnergies (13 mtpa), valued at 20 billion dollars (17.4 billion euros) currently in a recovery phase after suspension due to terrorist attacks in the region, and another by ExxonMobil (18 mtpa), worth 30 billion dollars (26.1 billion euros), pending the final investment decision, both located on the Afungi Peninsula.
Mozambique has already collected 235 million dollars (200 million euros) in revenue from 137 LNG and gas condensate shipments abroad since 2022 from the Coral Sul platform, the government announced in September.
