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Natural Gas: Exports Up $336M in Q2

Natural Gas: Exports Up $336M in Q2

According to data from the Bank of Mozambique (BdM), Mozambique’s natural gas exports soared in volume (80.9 per cent) in the second quarter compared to 2022, bringing in 336 million dollars (318 million euros).

According to a report by the institution on the country’s balance of payments in the second quarter, quoted by Lusa this Friday, 20 October, this is an inflow of 238.1 million dollars (225 million euros) more than in the same period in 2022, explained essentially by the increase in the volume exported

“This was justified by the start of exploration and export of gas from Area 4 of the Rovuma basin, given that the international price fell by 64.1 per cent,” reads the report, quoted by the news agency.

Despite the increase, natural gas did not dethrone coal as Mozambique’s main export product, which brought in 583.4 million dollars in the second quarter, 28 per cent less than in the same period in 2022, in this case influenced by the 57.8 per cent drop in the average price on the international market, while the volume exported increased by 27.5 per cent.

In turn, revenues from aluminium and electricity exports fell by 43.6% and 9.4% respectively, “due to a combination of various factors”, and were worth 310 million dollars and 131.7 million dollars respectively in the same quarter.

Overall, the Mozambican economy’s exports earned two billion dollars (1.9 billion euros) in the second quarter, 179 million dollars less than in the same period in 2022. Of this total, India led among purchases from Mozambique, with a 15.3 per cent share of the total, mainly coal, followed by South Africa, with 13.3 per cent, leading among natural gas, and China, with 10.3 per cent, essentially in heavy sands.

Area 4 is operated by Mozambique Rovuma Venture (MRV), a joint venture co-owned by ExxonMobil, Eni and CNPC (China), which has a 70 per cent interest in the concession contract, with natural gas production starting in 2022. Galp, Kogas (South Korea) and Empresa Nacional de Hidrocarbonetos (Mozambique) each hold a 10% stake.

Eni, the concessionaire for Rovuma Area 4, is already discussing with the Mozambican government the development of a second floating platform, a copy of the first and called Coral Norte, to increase gas extraction, a source from the Italian oil company told Lusa earlier this month.

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