Maputo, June 9, 2025 (Lusa) - Mozambique sold $1.967 billion (€1.725 billion) worth of natural gas in 2024, up 14% in one year, practically reaching coal at the top of exports, according to central bank data consulted today by Lusa.
"The growth in natural gas revenues is associated with increased gas exports from Area 4 of the Rovuma Basin, in a context where the average price on the international market fell by 15%," says the 2024 balance of payments report released by the Bank of Mozambique.
Coal, historically Mozambique's most exported product, fell in 2024 to $2.006 billion (€1.759 billion).
"The drop of around 10% is due to a reduction in quality, caused by the failure to complete the factory restructuring project [in Tete], compounded by a 19.0% decrease in the international market price," the document points out.
Overall, Mozambican exports in 2024 fell by 0.8% compared to the previous year, to $8.211 billion (€7.202 billion), while imports fell by 8.8% to $8.375 billion (€7.346 billion).
A study by the consulting firm Deloitte, published in 2024, concluded that Mozambique's liquefied natural gas (LNG) reserves could generate potential revenues of $100 billion (€87.7 billion), underscoring the country's international significance in the energy transition.
Mozambique has three approved mega-projects for the exploration of LNG reserves in the Rovuma basin, classified among the largest in the world, off the coast of Cabo Delgado, including one by TotalEnergies, still suspended due to security issues, and another by ExxonMobil, awaiting a final investment decision, both on the Afungi peninsula.
Eni operates the only one in production since mid-2022, as the concessionaire of Area 4 of Rovuma. This concessionaire has meanwhile moved forward with a second floating platform, a copy of the first (Coral Sul), designated Coral Norte, to increase gas extraction.
Mozambique expects to raise $23 billion (€20.1 billion) over 30 years from the Coral North project, Eni's second liquefied natural gas (LNG) production platform in the Rovuma basin, according to the government.
"According to the development plan approved for the next 25 years, 30 years of which are for the construction and assembly of this system, whose implementation will take 25 years, (...) the government will collect $23 billion in revenue, taxes and other contributions," government spokesman Inocêncio Impissa said on 11 April.
Speaking to journalists, he added that the project, approved days earlier by the government, "also provides for the supply of natural gas to the domestic market in the proportion of 25% of the total gas to be produced, under national legislation, and 100% of the condensate for power generation", enabling the "development of industrialisation projects in Mozambique".
"The project will also generate 1,400 jobs for Mozambicans, with plans to implement a succession plan to increase the skills and availability of Mozambican labour in the oil and gas sector," he added.
In early April, the Mozambican government approved an investment of $7.2 billion (€6.315 billion) for the Coral Norte LNG project, with an estimated production of 3.5 million tonnes per annum (mtpa) and start-up in 2028.
PVJ/ADB // ADB.
Lusa
