The signing today of the Final Investment Decision (FID) for the construction of Mozambique's second floating Liquefied Natural Gas (LNG) platform is a crucial moment for the country. Valued at 7.2 billion dollars, the Coral Norte mega-project, led by the Italian oil company Eni, marks a further advance in the Rovuma Basin, consolidating Mozambique as an energy player of global scale.
In a statement issued by the Presidency of the Republic, the project was described as “a significant step” in strengthening Mozambique's standing in the global LNG market. President Daniel Chapo took part in the signing ceremony in Maputo, where he highlighted the Government's commitment to economic growth and the creation of skilled jobs.
Operated by Eni on behalf of Mozambique Rovuma Venture (MRV) — a consortium that also includes ExxonMobil and China National Petroleum Corporation (CNPC) —, Coral Norte will replicate the model of the Coral Sul platform, in operation since 2022. With a planned annual capacity of 3.55 million tonnes (mtpa), the new unit will have six production wells and is expected to begin operations in the second quarter of 2028.
According to the Mozambican Government, the project provides for the creation of 1,400 direct jobs for national citizens and the implementation of a succession plan aimed at raising the technical skill levels of the local workforce.
The revenue projection is ambitious: 23 billion dollars over 30 years, with a commitment to channel 25% of the gas produced to the domestic market, as well as 100% of the condensate to power generation, thus fostering national industrialisation.
The investment is part of the second phase of development of the Coral Norte field, under the authority of the Ministry of Mineral Resources and Energy, and represents a state-of-the-art floating facility, anchored off the coast of Cabo Delgado province.
At a meeting with the Mozambican President in January this year, Eni's CEO, Claudio Descalzi, reiterated the company's intention to expand its presence in Mozambique, saying the country “is increasingly projecting itself on the global natural gas scene”.
A study released by the consultancy Deloitte in 2024 estimated that Mozambique's LNG reserves have a revenue potential in the order of 100 billion dollars, placing the country among the world leaders in energy resources.
There are currently three approved mega-projects for exploiting the Rovuma Basin. Besides Eni, there is TotalEnergies' project, with a capacity of 13 mtpa, in the process of resuming after a pause caused by terrorist attacks in Cabo Delgado, and ExxonMobil's, with 18 mtpa, still awaiting a final decision.
Since 2022, Mozambique has collected 235 million dollars from 137 shipments of LNG and condensate from the Coral Sul platform, consolidating the strategic relevance of these developments.
