In 2024, Mozambique’s natural gas exports reached about $1.467 billion, up 24.6% from last year, mainly due to increased volumes linked to new operations in the Rovuma Basin. Electricity export revenues also grew by 7.2%. The overall trend shows a substantial increase in gas exports since 2022 and ongoing investments to expand production capabilities.
In the first nine months of 2024, Mozambique exported natural gas valued at approximately $1.467 billion (€1.397 billion), marking a 24.6% increase compared to the same time frame in 2023. This boost in revenue is linked to the rise in export volumes, particularly due to the commencement of operations in area 4 of the Rovuma Basin, despite a 15% reduction in average international market prices, as noted by the Bank of Mozambique.
Furthermore, electricity export revenues from January through September increased by 7.2% year-on-year to $535.3 million (€509.5 million) due to a revised price structure for key customers. Overall, natural gas sales for 2023 reached $1.726 billion (€1.643 billion), significantly up from 2022 figures and nearly paralleling coal exports, which dipped to $1.54 billion (€1.467 billion) during the same period.
Historical data indicates that Mozambique’s natural gas exports rose dramatically by 218% in 2023 compared to 2022, when they totaled $541.6 million (€515.6 million). Exports in 2023 matched value levels seen from 2017 to 2022, exceeding $1.866 billion (€1.776 billion).
This continued growth in natural gas exports stems from the operational commencement at the end of October 2022 in Area 4 by Mozambique Rovuma Venture (MRV), a consortium including Exxon Mobil, Eni, and CNPC (China). MRV controls a 70% stake in the contract, with output expected to commence promptly following operational activation.
Mozambique has three approved projects for natural gas exploitation in the Rovuma Basin, known to contain one of the largest reserves globally. While TotalEnergies and Exxon Mobil have yet to reach production stages, Eni is advancing its second floating platform, Coral Norte, aimed at enhancing extraction capacity through lessons learned from the existing Coral Sul facility.
The development plan for Coral Norte, which includes the deployment of a second floating platform for the north area, is contingent on a substantial investment of $7 billion (€6.3 billion), pending government approval. Production from the new platform is projected to start in the latter half of 2027, located 10 kilometers north of the Coral Sul platform, which began operations in November 2023, representing a significant step in the exploitation of Rovuma reserves.
Mozambique’s natural gas export sector has demonstrated significant growth, largely driven by the operations from area 4 of the Rovuma Basin and favorable pricing adjustments. The rise in gas revenue highlights the country’s evolving energy landscape, with electricity exports also contributing positively. Continued investments and project developments, such as Coral Norte, are poised to further enhance Mozambique’s status in the global energy market.
Original Source: clubofmozambique.com
