The Mozambican government will sign a financing pact with Italian energy major Eni on Thursday to launch a second liquefied natural gas project.
The venture, known as Coral Norte, centres on installing a floating LNG plant off northern Cabo Delgado, requiring an investment of nearly $8 billion.
Florical Mucave, president of the Mozambique Energy Chamber, revealed the plan during Africa Energy Week in Cape Town, where industry leaders gathered.
Eni already operates a pioneering offshore LNG platform in the Rovuma basin, which began exports in November 2022 after years of development.
Mozambique hopes the new agreement will accelerate its transformation into a key global gas hub, despite a recent history of violent insurgency.
Mucave said confidence was high that French giant TotalEnergies would resume its $20 billion LNG project halted in 2021 after deadly jihadist attacks.
“We are almost certain that before the year ends, Total will lift force majeure and return with full-scale investment,” he stated.
He added ExxonMobil is expected to commit $7 billion to another Rovuma LNG initiative by 2026, further cementing Mozambique’s rising energy role.
Together, these projects may position Mozambique among the world’s top ten gas producers, contributing 20 percent of Africa’s output by 2040.
A Deloitte 2024 report underscores this potential, noting Mozambique’s offshore riches could turn the country into a linchpin of Africa’s energy future.
For a nation still scarred by conflict in Cabo Delgado, the projects promise both immense opportunity and a formidable test of stability.
The signing with Eni marks another step in Mozambique’s march toward becoming not just a regional supplier but a global energy contender.