In the first quarter of 2024, Mozambiques natural gas exports soared by 30%, reaching $340.9 million.This growth stems from the launch of operations in Area 4 of the Rovuma Basin.
This occurred despite a 43.5% drop in global market prices.The Mozambique Central Bank report underscores this increase, noting the country as Africas third-largest natural gas reserve holder with 180 million cubic feet.Mozambique is now progressing on three development projects within the Rovuma Basin.These initiatives boosted 2024 natural gas sales to $1.726 billion, tripling last years figures and approaching coal as the top export.Rovuma Basin: Mozambiques Gateway to Tripled Natural Gas Revenues.
(Photo Internet reproduction)A 218% jump in natural gas exports in 2024, compared to the previous year, began with Area 4s operation starting in late October 2022.In addition, the production for this area is starting first among the three approved projects.A Major Gas Expansion InitiativeThe Mozambique Rovuma Venture (MRV)a partnership of ExxonMobil, Eni, and CNPCholds a 70% stake in this project.Eni, the operator of Area 4, is constructing a second platform, Coral Norte.
This new platform mirrors the existing Coral Sul and is underway in South Korea.It reflects Mozambiques strategy to increase gas production.
Coral Norte is slated to begin production in late 2027.Some land-based projects may face impacts from ongoing security issues in Cabo Delgado before others.Additionally, a $7 billion investment in the Coral Norte platform is anticipated, pending government approval.This investment aims to enhance cost efficiency and reduce construction time, building on the experiences of Coral Sul FLNG.Mozambiques expanding natural gas sector is reshaping its economic landscape and bolstering its global energy supplier status.As extraction efforts grow, the country looks towards a sustainable economic future.These developments highlight the critical role and potential of Mozambiques natural gas industry in transforming both its economy and regional energy dynamics.