Mozambique to Reach Record $5.9 Billion Foreign Investment in 2026 as LNG Projects Accelerate in Rovuma Basin
Mozambique is projecting a record foreign direct investment (FDI) of US$5.88 billion in 2026, a 22.6% increase compared to the previous year, driven primarily by major developments in the natural gas sector.
According to supporting documents for the 2026 Social and Economic Plan and State Budget proposal (PESOE)—set to be debated in parliament in the coming days—this growth will be largely influenced by large-scale LNG projects in the Rovuma Basin, one of the world’s most significant gas reserves.
FDI inflows into Mozambique have already shown strong momentum. In the first quarter of 2025, investment more than doubled compared to the same period in 2024, reaching nearly US$1.63 billion, largely fueled by the mining and gas sectors.
Overall, foreign investment grew by 41.5% in 2024 and by 2% in 2023, reflecting renewed investor confidence in the country’s resource-driven economy.
Oil major Eni’s CEO, Claudio Descalzi, announced on 2 October that production from the Coral North floating LNG (FLNG) project is expected to begin within three years, positioning Mozambique as Africa’s third-largest natural gas producer.
Speaking at the signing of the Final Investment Decision (FID) for the US$7.2 billion Coral North project in Maputo, Descalzi affirmed the company’s commitment:
“We have initiated the schedule for 2028. This means we are starting now with the FID and, within three years, we will start production. This is a commitment—it’s not a dream.”
The FID for Coral North was signed by the Area 4 consortium, which includes Eni, Mozambique’s National Hydrocarbon Company (ENH), China National Petroleum Corporation (CNPC), Korea Gas Corporation (Kogas), and ExxonMobil’s subsidiary XRG, in the presence of President Daniel Chapo.
Eni, which already operates the Coral South FLNG platform, stated that Coral North will double Mozambique’s LNG output to seven million tonnes per annum (mtpa), solidifying its role as a key global supplier.
Mozambique currently has three approved mega-projects for developing its vast Rovuma Basin LNG reserves, located off the coast of Cabo Delgado. These include:
TotalEnergies’ Afungi LNG project (13 mtpa, valued at US$20 billion), which is resuming operations after a security-related suspension.
ExxonMobil’s Rovuma LNG project (18 mtpa, valued at US$30 billion), which is awaiting a final investment decision.
Eni’s Coral projects (South and North FLNG), together targeting 7 mtpa of combined output.
Since 2022, Mozambique has earned approximately US$235 million from 137 shipments of LNG and gas condensate exports from the Coral South platform, according to government data released in September.
These developments underscore Mozambique’s emergence as a major LNG producer and investment destination, with the potential to reshape the country’s economic landscape and strengthen its role in the global energy market.
