Gas project has potential to transform Mozambican economy, bank finds
Standard Bank estimates that Rovuma LNG will employ approximately 20,500 construction workers and 1,300 operational workers
A project to develop natural gas from Mozambique’s Rovuma basin could contribute a whopping $18bn a year to the country’s economy, according to an independent study by Standard Bank. The macroeconomic study found that the first phase of Area 4’s Rovuma liquefied natural gas (LNG) project — being led by multinational oil and gas companies ExxonMobil and Eni — has the potential to transform one of the poorest countries in the world. The 15.2-million tonnes per annum gas project, which will produce, liquefy and market natural gas from the Mamba fields located off Mozambique, is expected to attract between $27bn and $32bn in investment and add as much as $18bn per annum to Mozambique’s GDP. In the longer term, Mozambique could become the world’s fourth-largest producer of LNG and a leading supplier to major economies such as China. The inflows would be a welcome boon for the country, which is largely cut off from international markets as it struggles to recover from a debt crisis since ...
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