Comunicação - Imprensa
State approves Eni’s Coral Norte FLNG $7.2 B investment
Mozambique’s government approved an investment of $7.2 billion on Tuesday for the Coral Norte Liquefied Natural Gas (LNG) project, which is expected to produce 3.5 million metric tons per annum (mtpa) and start up in 2028.
“The plan constitutes the second phase of development of the Coral Norte field, FLNG, and consists of a floating natural gas liquefaction infrastructure with a capacity of 3.55 million tonnes per year and six production wells, valued at around $7.2 billion [€6.6 billion], with production scheduled to begin in the second quarter of 2028,” the cabinet spokesman, Inocêncio Impissa, said this Tuesday.
He was speaking to journalists at the end of the cabinet’s weekly meeting, held yesterday in Maputo. During this meeting, the decree “approving the development plan for the Coral Norte project”, for the development and production of 3.5 tonnes of LNG over 30 years in area 4, owned by Italian oil company Eni, offshore in the Rovuma basin, was analysed and approved.
The Eni oil company’s executive director, Cláudio Descalzi, told Mozambique’s President, Daniel Chapo on 16 January, that he plans to expand operations at the LNG project in the Rovuma basin, “projecting Mozambique onto the global natural gas scene”.
In a letter of congratulations on Daniel Chapo’s election as President of the Republic, who was sworn into office a few days earlier, the head of the Italian oil company spoke of Eni’s “commitment to further strengthening collaboration”.
“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. 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,” according to the letter, Lusa saw.
A source from oil company Eni, the concessionaire for Rovuma Area 4, told Lusa in October 2023 that it was discussing with the government the development of a second floating platform, a copy of the first (Coral South) and called Coral North, to increase gas extraction.
“Eni has finalised the Development Plan, which is currently under discussion with the partners and the Government of Mozambique for final approval. At the same time, Eni is moving forward with acquisition processes, environmental impact studies, etc., including contracts associated with drilling,” said an official source from the Italian oil company, questioned by Lusa.
This plan involves the acquisition of a second FNLG floating platform for the North Coral area, identical to the one that has been operating to extract gas in the South Coral area since mid-2022.
A study by consultancy Deloitte concluded in 2024 that Mozambique’s LNG reserves – which currently have projects underway or being studied by oil multinationals such as TotalEnergies, ExxonMobil and Eni – represent potential revenues of $100 billion (€96.2 billion), highlighting the country’s international importance in the energy transition.
“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 said.
