Maputo, Oct. 2, 2025 (Lusa) - The presidency office of Mozambique has described Eni's signing on Thursday of the Final Investment Decision for the second floating platform, Coral Norte, worth US$7.2 billion, as a consolidation of the country's position in the gas sector.
"It marks a significant step in consolidating Mozambique as one of the main players in the global liquefied natural gas sector, reinforcing the Government's commitment to promoting strategic investments that contribute to sustainable economic growth and the creation of employment opportunities for Mozambicans," reads a statement from the Presidency, confirming the presence of the Head of State, Daniel Chapo, at the event this Thursday afternoon in Maputo.
Under the supervision of the Ministry of Mineral Resources and Energy, the project, operated by Eni, will be developed by partners in Area 4 of the Rovuma Basin, off the coast of Cabo Delgado, involving the construction of a floating platform for the extraction and liquefaction of natural gas (FLNG), similar to the one that the Italian oil company has been operating in the same area, in Coral Sul, since 2022.
The decision, known as FID, is the final and crucial stage in the development of energy megaprojects, operated by Eni, as is already the case with Coral South, on behalf of Rovuma Mozambique Venture (MRV), a consortium with a 70% stake, which also includes ExxonMobil and China National Petroleum Corporation (CNPC).
On 8 April, the Mozambican government approved Eni's investment in the Coral Norte LNG project, with an estimated production of 3.5 million tonnes per annum (mtpa) and start-up in the second quarter of 2028, totalling US$7.2 billion (€6.2 billion).
"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," said Inocência Impissa, spokesperson for the Cabinet, at the time.
Mozambique expects to raise US$23 billion (€20.1 billion) from the Coral Norte project over the next 30 years, according to data from the Mozambican government, which also contractually provides for "the provision of natural gas to the domestic market in the proportion of 25% of the total gas to be produced" and 100% of the condensate for power generation, enabling the "development of industrialisation projects" in the country.
"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," he added.
The executive director of oil company Eni, Claudio Descalzi, assured Mozambican president Daniel Chapo on 16 January that he planned to expand operations in the LNG project in the Rovuma basin, "projecting Mozambique onto the global stage" of natural gas.
A study by the consulting firm Deloitte concluded in 2024 that Mozambique's LNG reserves represent potential revenues of US$100 billion (€85.1 billion).
Mozambique has three approved mega-development projects for the exploration of LNG reserves in the Rovuma basin, ranked among the largest in the world, off the coast of Cabo Delgado, including one by TotalEnergies (13 mtpa), which is in the process of resuming operations after suspension due to terrorist attacks in the region, and another by ExxonMobil (18 mtpa), awaiting a final investment decision, both on the Afungi peninsula.
Mozambique has already collected US$235 million (€200 million) in revenue from 137 shipments of LNG and gas condensate abroad since 2022, from the Coral South platform, the government announced in September.
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