With the country emphasizing operational security and project resumption in the wake of the COVID-19 pandemic and insurgency uprising, Mozambique is set to make a strong play for investment at African Energy Week (AEW) 2021 in Cape Town. Leading the Mozambique-focused dialogue will be the Mozambican Oil and Gas Chamber (MOGC) – a non-profit organization focused on promoting the oil and gas industry across both the upstream and downstream sectors. By sponsoring the Mozambican pavilion at AEW 2021 in Cape Town, the MOGC is committed to positioning Mozambique as a sub-Saharan African energy leader.
Mozambique is well positioned to exploit its significant gas reserves through demonstrated political will, the right security measures, and by focusing on local content development, production and distribution. With vast resources in its Offshore Area-1 – estimated to contain 75 trillion cubic feet of recoverable natural resources – the MOGC has emphasized that the country has a major role to play in Africa’s energy sector. With a mandate to build industry networks and support national companies through training certification and the transfer of knowledge and technology, the MOGC is focused on assisting companies and potential investors through the provision of resources and services and will drive opportunities at AEW 2021 in Cape Town.
The country’s oil and gas industry is expected to grow exponentially over the next decade following the discovery of over 180 TCF of natural gas reserves in the Rovuma Basin. Opportunities in Mozambique’s oil and gas industry include the construction of up to six LNG plants, led by Total S.A., which is expected to commence within the coming decade – the first two plants of which reached a final investment decision (FID) in 2019, valued at $23 billion. The Afungi LNG Park is expected to come into production in 2024, with its output destined for Asian and European markets, with over 400 million cubic feet reserved for domestic use. Co-led by Eni and ExxonMobil, the announcement of an $8-billion FID for the construction of six subsea wells connected to a Floating Liquefied Natural Gas production facility is due for completion in 2022. Each of these three opportunities have an onshore base in the Afungi Park, which hosts all supporting infrastructure, including accommodation facilities, as well as port and airport infrastructure.
Mozambique’s natural gas has the potential to support massive economic growth and has attracted significant global investment. The Government of Mozambique has allocated a portion of its natural gas production towards local use to address domestic needs, with the National Petroleum Institution organizing tenders to identify opportunities for companies interested in developing local industrial projects. By promoting the role of natural gas domestically, as both the foundation and catalyst for local capacity building and industrialization, as well as regionally, through enhanced intra-African trade, the MOGC’s Mozambique pavilion will emphasize the role of gas in Africa’s energy and economic future.
Mozambique is home to Africa’s largest ever foreign direct investment project, Mozambique LNG, which is poised to contribute to long-term social and economic stability and deliver a wide range economic benefits to its communities. The project started with the discovery of a vast quantity of natural gas off the coast of Mozambique in 2010, which led to $20 billion FID in 2019. With the aim of uniting governments, oil and gas companies, financial institutions, service companies, marginal field producers, commercial banks and more, AEW 2021 represents the ideal networking and deal-making platform for all African energy industry stakeholders, and the Mozambique pavilion the best place to gain valuable insight into the emerging gas giant.
“The African Energy Chamber (AEC) is proud to have representatives from Mozambique’s energy industry attend AEW 2021. Mozambique, with the largest power generation potential in southern Africa, has substantial resources, ranging from fossil fuels to renewables. Overall, it shows enormous potential, particularly within its natural gas industry. Mozambique has the potential to lead Africa into a new era of energy success, using its natural gas resources as a key driver of Africa’s energy future. With the MOGC sponsoring a Mozambique pavilion in Cape Town, the country’s lucrative investment opportunities, sizeable project developments, and market-driven policies will be showcased to the world,” stated Tomás Gerbasio, Conference Director for AEW 2021.
AEW 2021, in partnership with South Africa’s Department of Mineral Resources and Energy DMRE, is the AEC’s annual conference, exhibition and networking event. AEW 2021 unites African energy stakeholders with investors and international partners to drive industry growth and development and promote Africa as the destination for energy investments.
Distributed by APO Group on behalf of African Energy Chamber.
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