The government expects to raise 23 billion dollars (1.4 billion meticals) over 30 years from the Coral Norte project, the second floating liquefied natural gas (LNG) platform of Italian oil company Eni, located in Area 4 of the Rovuma basin.
The estimate was announced this week by the government spokesman, Inocêncio Impissa, following approval of the development plan for the new exploration unit, which foresees production of 3.5 million tonnes per year and the start of operations in 2028.
‘According to the approved plan, the government will collect 23 billion dollars in revenue, taxes and other contributions over the next 30 years,’ he said at a press conference in Maputo.
The project also includes making 25% of the gas produced available to the domestic market, as established by national legislation, as well as 100% of the condensate for energy production in Mozambique, contributing directly to the country’s industrialisation and energy autonomy.
With a total investment estimated at 7.2 billion dollars (460 billion meticals), Coral Norte will create 1,400 direct jobs for Mozambicans. According to Impissa, a succession plan is also planned to train national executives and increase the qualification of the labour force in the oil and gas sector.
The plan now approved includes a new FLNG (Floating Liquefied Natural Gas) unit, similar to the one that has been operating since 2022 in the South Coral Area, also under Eni’s responsibility. This second platform will include six production wells and the floating liquefaction infrastructure installed offshore.
According to an Eni source, the processes for acquiring equipment, environmental impact studies and drilling contracts have been underway since 2023, in liaison with the government and the Area 4 consortium partners.
The investment reinforces Mozambique’s presence on the global energy scene, particularly in the context of the transition to less polluting sources. According to a study by consultancy firm Deloitte, the country’s liquefied natural gas reserves could generate up to 100 billion dollars in revenue over the next few decades.
The same report projects Mozambique as one of the world’s top ten gas producers by 2040, and could account for around 20 per cent of Africa’s total production.
Lusa
