Eni Plans $7.2 Billion Coral North LNG Project to Double Mozambique Output

Italian energy company Eni has given financial approval to build the Coral Norte floating liquefied natural gas (LNG) project off Mozambique's northern coast, with a budget of about $7.2 to $8 billion. The project is expected to produce approximately 3.5 to 3.6 million tons of LNG annually, effectively doubling Mozambique's existing LNG production from the offshore Rovuma Basin. This new platform follows Eni's Coral Sul project, which began exporting LNG in 2022. The financing agreement for Coral Norte was scheduled to be signed in Maputo, with Eni's CEO Claudio Descalzi and Mozambique President Daniel Chapo expected to attend the ceremony. Despite security challenges affecting other onshore LNG projects by competitors, Eni's offshore operations have remained unaffected, allowing steady progress in Mozambique's LNG sector. This development supports Mozambique's ambition to rank among the world's top 10 gas producers by 2040.