Mozambique’s Council of Ministers has approved the financing structure for the Coral Norte floating liquefied natural gas (FLNG) project in Area 4 of the Rovuma Basin, off the coast of Cabo Delgado province. The decision sets out how the state will hold its share of the development through the National Hydrocarbon Company (ENH).
Government spokesperson and Minister of Planning and Development Salim Valá told reporters after Tuesday’s cabinet meeting that ENH will take part through its subsidiary, ENH Rovuma Área 4. He said the arrangement shields the parent company from the risks of direct involvement in a project with a complex financing structure. He added that placing investments in separate legal entities limits each business’s exposure to the assets of the others, in line with international practice.
The government approved the $7.2 billion (R117.3 billion) development plan for Coral Norte in June 2025. Eni and its partners took the final investment decision in Maputo on 2 October 2025. The joint venture comprises Eni with 50%, CNPC with 20%, and Kogas, ENH and ADNOC’s subsidiary XRG with 10% each.
| Project | Operator | Capacity (mtpa) | Investment | First LNG |
|---|---|---|---|---|
| Coral Sul FLNG | Eni | 3.4 | – | 2022 |
| Coral Norte FLNG | Eni | 3.6 | $7.2bn (R117.3bn) | 2028 |
| Mozambique LNG | TotalEnergies | 13 | ~$20bn (R325.8bn) | 2029 |
| Rovuma LNG | ExxonMobil | 18.6 | ~$20bn (R325.8bn) | 2031 (FID pending) |
Sources: Eni, JPT, TotalEnergies, Lusa, Green Building Africa. Exchange rate: R16.29 to the dollar.
Coral Norte will be an identical twin of the Coral Sul unit, which has produced LNG from six subsea wells since the fourth quarter of 2022. Coral Sul’s construction was carried out by a consortium of JGC, Technip and Samsung Heavy Industries. Together, the two units will lift Mozambique’s LNG output above 7 million tonnes a year, which Eni says will make the country Africa’s third-largest LNG producer. First LNG from Coral Norte is scheduled for the second quarter of 2028.
Eni chief executive Claudio Descalzi said at the signing that the project is expected to generate $23 billion (R374.7 billion) in tax revenue and award $3 billion (R48.9 billion) in contracts to local companies.
The floating model has allowed Mozambique to commercialise its offshore gas while onshore plants on the Afungi peninsula were stalled by militant activity. That conflict has killed more than 6,400 people over eight years, according to the Armed Conflict Location and Event Data Project.
TotalEnergies restarted its Mozambique LNG project after its consortium lifted force majeure on 7 November 2025, and more than 4,000 workers, over 3,000 of them Mozambican, are now on site. The company says the project is about 40% complete.
ExxonMobil’s Rovuma LNG, the next major decision, remains pending. The company has said it intends to reach a final investment decision before the end of this year. The plant will have 12 liquefaction modules with combined capacity of 18.6 million tonnes a year, with first output expected in 2031. The Rovuma Basin holds roughly 160 trillion cubic feet of discovered gas.
The subsidiary model approved for Coral Norte mirrors the state’s arrangement in Area 1. There, ENH holds a 15% interest in Mozambique LNG through ENH Rovuma Área Um.