Italian energy giant Eni has reaffirmed its commitment to expanding its Liquefied Natural Gas (LNG) operations in Mozambique, projecting the country onto the global energy stage. In a congratulatory letter to newly inaugurated President Daniel Chapo, Eni CEO Cláudio Descalzi outlined plans to further strengthen collaboration and support Mozambique’s long-term development.
“Projecting Mozambique onto the global LNG scene and extending our strategic partnership through the implementation of the Coral Norte FLNG project in the Rovuma Basin,” the letter stated. “Be assured that our goal is to support Mozambique’s long-term development strategy through local content initiatives and accelerating the country’s energy transition with our vegetable oil initiative and forestry projects.”
This commitment follows recent discussions between Eni and the Mozambican government regarding the development of a second floating LNG platform, Coral Norte, to increase gas extraction in the Rovuma basin. This project, mirroring the successful Coral South platform, is currently under consideration by partners and the government.
President Chapo, in his inaugural address, emphasized the importance of leveraging natural gas resources for national development. He announced the creation of a Mozambique Development Bank, funded by gas revenues, to finance infrastructure projects and improve the lives of Mozambicans.
“With the resources generated by the gas assets, we will capitalize this bank and immediately invest in projects that transform the lives of Mozambicans,” he declared.
The potential economic impact of Mozambique’s LNG reserves is substantial. A 2024 Deloitte study estimated that the country’s LNG projects, spearheaded by companies like TotalEnergies, ExxonMobil, and Eni, could generate revenues exceeding US$100 billion, solidifying Mozambique’s position as a major player in the global energy landscape.
“The country’s vast gas reserves could make Mozambique one of the world’s top ten producers, responsible for 20% of Africa’s production by 2040,” the report noted.
Eni’s commitment to expanding its operations in Mozambique aligns with the country’s ambitious plans for economic growth and development. The successful implementation of these projects will not only boost the Mozambican economy but also position the country as a key player in the global energy transition.