In 2023, Mozambique’s natural gas exports skyrocketed, hitting $1.726 billion, tripling the figures from 2022 and potentially overtaking coal as the nation’s prime export.
The Bank of Mozambique highlights a 218% jump, with the year’s exports matching the total from 2017 to 2022, which was over $1.866 billion.
The surge stems from MRV launching operations in Area 4, led by ExxonMobil, Eni, and CNPC, with a 70% share.
Other stakeholders include Galp, Kogas from South Korea, and the Mozambique National Hydrocarbon Company, each owning 10%.
Eni leads Area 4 and is preparing for a second floating platform, Coral Norte, following Coral Sul’s success since mid-2022.
This move aims to double gas output, with Coral Norte’s setup echoing Coral Sul’s efficiency and cost-effectiveness.
Consultec’s $7B estimate for Coral Norte awaits approval, aiming for late 2027 production, possibly surpassing Cabo Delgado’s onshore projects.
Coral Norte, positioned near Coral Sul, will tap into the Rovuma basin’s vast reserves, bolstering Mozambique’s gas project achievements.
Globally, Mozambique’s progress is notable, though it trails behind giants like Russia, the US, Qatar, Australia, and Norway with their massive reserves and export prowess.
Russia leads pipelines, US in LNG from shale, Qatar/Australia invest in LNG, Norway supplies Europe with North Sea gas.
However, Mozambique’s trajectory is promising, thanks to strategic projects like Coral Sul and the upcoming Coral Norte FLNG.
An advantageous location near Africa benefits easy access to Asian markets, signaling bright prospects for global energy dynamics.