For some years now, Mozambique has been discovering enormous quantities of natural gas, making it one of the world’s largest reserves of this resource. Studies carried out by international organizations specializing in this field claim that Mozambique’s gas reserves are among the largest in the world.
Despite the suspension of the project, in March 2021, by the French oil giant TotalEnergies, due to the terrorist attacks in Cabo Delgado, the international markets still have their eyes on the national gas, especially at this time when there is a scenario of much insecurity and uncertainty in Europe because of the war between Russia and Ukraine.
“There is no doubt that there is great potential in Africa to supply gas to Europe. However, it is very limited in the short term, especially because gas projects take time to materialize, but in the medium and long term, it is possible that Africa, especially Mozambique, will be able to supply all of Europe’s gas needs,” advances an African markets publication.
As it is known, with the economic embargo, Europe is no longer receiving Russian gas and is engaged in looking for cheaper alternatives to American gas. Therefore, it is turning its eyes to Africa as a supplier. Russia has the largest natural gas reserves in the world and is the world’s largest exporter, accounting for about 40% of Europe’s imports.
The Mozambique LNG Project began with the discovery of a vast amount of natural gas off Mozambique’s northern coast in 2010, leading to a Final Investment Decision of $20 billion in 2019. Now, through responsible project cooperation and planning, the project is on track to deliver the first LNG in 2024.
For now, plans for the approximately 65 trillion cubic feet of recoverable natural gas include a two-unit liquefaction plant project with expansion capacity to up to 43 million tons per year (MTPA).
The Project is operated by TotalEnergies, the world’s second largest LNG player with a leading presence in Africa that is uniquely qualified to ensure that the Mozambique LNG Project helps meet the world’s growing demand for sustainable, reliable and clean energy sources.
According to a recent statement by the company’s CEO Patrick Pouyanné, TotalEnergies wants to resume the gas project this year, which brings a green light to the Mozambican economy.
