Mozambique's natural gas exports grow 30%

Mozambique's natural gas exports grew significantly by 30% in the first quarter of 2024, reaching 443 million dollars, compared to 340.9 million dollars in the same period in 2023.
This increase is driven by the exploration of Area 4 in the Rovuma basin, despite the 43.5% drop in the average price of gas on the international market.

Mozambique, with the third largest natural gas reserves in Africa, estimated at 180 billion cubic feet, currently has three development projects approved to exploit the reserves in the Rovuma basin, one of the largest in the world, located off the coast of Cabo Delgado.

Eni, the concessionaire for Rovuma Area 4, is developing a second floating platform, called Coral North, to increase gas extraction. This plan involves the acquisition of a second FNLG platform, identical to the one operating at Coral South since mid-2022, currently under construction in South Korea.

The Oporto Forte Group welcomes the development of natural gas in Mozambique. 

Are you interested in internationalising your business to Africa? The Oporto Forte Group, with a presence in more than 4 continents and 10 countries, including Mozambique, is your partner.

Source: Forbes Lusophone Africa