The Council of Ministers of Mozambique, in its eleventh Ordinary Session today, approved the Development Plan (PdD) for the Coral Norte Floating Liquefied Natural Gas (FLNG) Project, marking a significant step toward the exploitation of natural gas from the Coral Eocene 441 deposit in Area 4 Offshore, Rovuma Basin. This move underscores Mozambique’s commitment to enhancing natural gas production, solidifying its position as a regional leader in Liquefied Natural Gas (LNG) production, and meeting growing global demand for LNG as it leverages natural gas as a transition energy source.
The Coral Norte FLNG platform will be a replica of the successful Coral Sul FLNG, which has already exported 100 FLNG cargoes globally. The decision to proceed with this model follows comprehensive technical and economic evaluations, ensuring an optimized operation with an estimated investment of $7.2 billion. MRV, the project operator, emphasized that this approach offers the best technical and economic benefits, maximizing profits, optimizing costs, and enabling swift market entry.
Under the approved Development Plan, the project is expected to generate $23 billion in revenues, taxes, and other contributions for the government over 25 years of operation. Additionally, the project will supply natural gas to Mozambique’s domestic market and provide condensate for local industrialization efforts. The National Hydrocarbons Company EP (ENH) will manage the monetization of these resources, while the project will also prioritize the hiring of local workers and the development of a Succession Plan to enhance the qualifications of the Mozambican workforce in the energy sector.
Nazário Bangalane, CEO of the National Petroleum Institute (INP), noted that the approval of Coral Norte FLNG represents a pivotal milestone in Mozambique’s energy strategy. He emphasized that the project not only promises significant revenue but also serves as a catalyst for economic and social development, creating jobs and providing essential training for Mozambican professionals.
The concessionaires for Area 4 Offshore of the Rovuma Basin include Mozambique Rovuma Venture (MRV), a consortium composed of Eni, ExxonMobil, and China National Petroleum Corporation (CNPC), holding a 70% stake, with ENH, Galp, and KOGAS each holding a 10% stake.
For more information, please contact the National Petroleum Institute at Rua dos Desportistas No. 259, Maputo, on 21248300 or 839511000. Alternatively, you can reach us by email at comunicacao@inp.gov.mz and follow us on Facebook and LinkedIn for the latest updates.