ITALIAN Prime Minister Giorgia Meloni, alongside the head of Italian energy group Eni, expressed the remarkable potential represented by the gas fields discovered offshore Mozambique. Following a meeting with Mozambican President Filipe Nyusi, Meloni emphasised that state-controlled Eni serves as an exemplar of the economic cooperation between Italy and Mozambique.
‘We concur with President Nyusi that the gas fields discovered off Mozambique’s northern coast offer a substantial opportunity for the nation’s development, along with the enhancement of our bilateral relationship,’ stated Prime Minister Meloni.
The gas field, known as the Coral field, situated in Mozambique’s offshore Rovuma basin, is estimated to hold an impressive 500 billion cubic meters of natural gas. Eni operates the Coral South floating liquefied natural gas project (LNG), which transformed the country into a global producer and exporter of LNG since November. Eni is the major stakeholder, jointly owning over two-thirds of the project in collaboration with Exxon Mobil and China’s CNPC, while Portuguese energy firm Galp, Korean Gas Corp., and Mozambique’s state oil company ENH are minority partners, each holding a 10 percent share.
Eni is actively pursuing a final investment decision on a second floating LNG project to harness the vast potential of the Coral field by the end of June next year, as revealed by sources closely associated with the project.
During her visit, Prime Minister Meloni also made a significant announcement regarding Italy’s climate fund. Approximately 70 percent of the fund, equivalent to 3 billion euros ($3.16bn), will be allocated for initiatives in Africa. Meloni stressed the potential synergy between Europe’s energy supply needs and Africa’s capacity as a substantial energy producer. She stressed the prospect of fostering cooperation between the two continents, not only concerning energy but also raw materials.
Furthermore, Italy plans to host an Italy-Africa conference at the beginning of the coming year, during which the government will unveil its fresh cooperation strategy for the continent.