The natural gas operations by the Coral Sul floating platform off the coast of the northern Mozambican province of Cabo Delgado, over the last year, has contributed 6.5 percent to the increase in the Gross Domestic Product (GDP).
The figure was announced by the representative of the Italian energy company ENI in Mozambique, Giogio Vicini, who was speaking at a meeting on challenges of the gas and electricity sectors.
The Coral Sul floating LNG Project, anchored in Area 4 of the Rovuma basin, started in November 2022 and it has already reached its production capacity with over 30 loadings of Liquefied Natural Gas (LNG).
The destination of the gas produced by this platform is the European and Asian market.
This percentage, according to Vicini, cited in Thursday’s issue of the Maputo daily “Notícias”, represents a huge contribution for the Mozambican economy, taking into account that the country’s LNG projects are crucial for the global industry.
In May, ENI announced that, from October 2022 to May 2023, it channelled 34 million dollars in revenues to the Mozambican state coffers.
Recently, the Mozambican government and the International Agencies that are funding the liquefied natural gas (LNG) operations in Cabo Delgado met to update the financing terms in order to resume the projects, which were interrupted in 2021 when Islamist terrorists attacked Palma town.
The project, headed by the French company TotalEnergies, is budgeted at 23 billion dollars, easily the largest foreign investment in Mozambique to date.