Mozambique approves $7.2 billion financing for Coral Norte FLNG project

The Mozambique government has approved the financing structure and terms for the Coral Norte FLNG project located in the Rovuma Basin, Cabo Delgado province. The project involves a total mobilization of up to $7.2 billion to support the engineering, construction, and installation of a floating natural gas liquefaction unit.

The approved structure allows for up to 70% of the funding to be sourced from external capital, with a minimum of 30% coming from equity. The project aims to produce approximately 3.55 million tonnes of liquefied natural gas (LNG) per year from the Coral Eocene 441 reservoir over a 30-year period. It is expected to generate roughly $23 billion over its lifespan and create approximately 1,400 direct jobs.

As part of the approval, the government authorized the establishment of ENH Coral Norte, SU, S.A., to manage the financial and accounting aspects of the state-owned Empresa Nacional de Hidrocarbonetos (ENH) participation. The project involves several concessionaires, including Eni, KG, and ADNOC.