In the first quarter of 2024, Mozambique experienced a 30% increase in natural gas exports, reaching $340.9 million, despite a significant drop in global market prices. This growth was driven by the launch of operations in Area 4 of the Rovuma Basin, making Mozambique Africa’s third-largest natural gas reserve holder with 180 million cubic feet.
Progressing on three development projects within the Rovuma Basin, Mozambique saw 2024 natural gas sales triple last year’s figures, nearing coal as the top export. A major initiative by the Mozambique Rovuma Venture (MRV) – a partnership of ExxonMobil, Eni, and CNPC – has led to a 218% surge in natural gas exports in 2024.
Eni, the operator of Area 4, is constructing Coral Norte, a new platform set to enhance gas production capabilities. Despite security concerns in Cabo Delgado, Mozambique aims for a sustainable economic future by investing $7 billion in the Coral Norte platform to improve efficiency and reduce construction time.
With its expanding natural gas sector, Mozambique is transforming its economic landscape and solidifying its position as a global energy supplier, showcasing the industry’s potential in shaping regional energy dynamics.