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Mozambique Set to Transform Global Energy With $100 Billion Gas Reserves

theguru Views  

An analysis has emerged stating that the value of natural gas reserves in Mozambique could reach $100 billion.

According to industry sources on the 12th, Deloitte observed in its Africa Energy Outlook – Mozambique Special Report 2024, which was published last January, that Mozambique’s natural gas reserves have the potential to generate revenues of up to $100 billion.

Deloitte emphasized, “Thanks to its vast gas reserves, Mozambique could become one of the top ten gas-producing countries in the world, accounting for 20% of the continent’s production by 2040.” The British consulting firm also added, “Mozambique can greatly contribute to global energy demand while transitioning to renewable energy.”

Deloitte mentioned, “It is important to develop renewable energy capacity and technology to meet the industry’s demands.”

Mozambique has approved three gas field development projects to explore natural gas reserves in the Rovuma Basin off the coast of Cabo Delgado.

The first project is the Area 1 Offshore Gas Field Development Project led by the TotalEnergies consortium. Work resumed after the area recovered from an indefinite suspension due to an armed attack by Islamic terrorists in the town of Palma in March 2021.

The second is the Coral gas field located 155 miles northeast of the Mozambique Pemba Sea in Area 4. The Coral South Gas Field is the first project developed among the gas fields in Mozambique Area 4. The project has been in operation since August 2022. Samsung Heavy Industries plans to produce 3.4 million tons of LNG annually through the Coral Sul Floating Liquefied Natural Gas (FLNG) production facility it constructed until 2047.

The Coral South Gas Field is owned by Rovuma Venture, a joint venture of Italy’s Eni, U.S. ExxonMobil, and China National Petroleum Corporation (CNPC), with a 70% stake, while Portugal’s Galp Energia, Mozambique ENH, and Korea Gas Corporation each hold a 10% stake. Of these, Galp Energia’s 10% stake was sold to the UAE’s state-owned oil company, ADNOC.

The third project is the additional development of the Mozambique Area 4 Offshore Gas Field, undertaken by a consortium composed of ExxonMobil and Eni. Eni plans to install additional FLNG units for the oil fields discovered in Rovuma Basin Area 4. Samsung Heavy Industries, TechnipFMC, and JGC Corporation, which participated in the construction of the first Coral Sul FLNG placed in Area 4, are looking forward to the second FLNG order.

Mozambique also has hydroelectric assets such as the 2000 MW Cahora Bassa Dam and the 1500 MW Mphanda Nkuwa Dam, which can contribute to the decarbonization of the local industry. Mozambique also has the potential for solar power. It has installed solar power plants with a total capacity of 80 MW in Mocuba and Metoro.

theguru
content@viewusglobal.com

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