The African Development Bank’s board has signed off on financing a second floating liquefied natural gas (FLNG) project to be developed by Italian energy giant Eni in Africa’s super-giant Rovuma Basin off the coast of Mozambique.
Just before Samsung Heavy Industries (SHI) held a launching ceremony for the Coral Norte FLNG at its Geoje shipyard, the African Development Bank on January 14, 2026 approved a $150 million senior loan to support the development of the FLNG project, seen as a transformative energy infrastructure initiative off the coast of Mozambique.
Building on the success of the Coral South FLNG, which began operations in 2022, the Coral North FLNG project will develop, construct and operate a floating LNG facility with a production capacity of 3.55 million tonnes per annum (mtpa) approximately 55 kilometers off the coast of Cabo Delgado province in northern Mozambique.
The project is expected to cost more than $7 billion. In addition to the African Development Bank Group, other development finance institutions, export credit agencies and commercial financial institutions will provide financing.
“Building on previous LNG investments in Mozambique, this project will further strengthen Mozambique’s position as a global LNG supplier, while delivering important socio-economic benefits, including job creation, fiscal revenue and enhanced energy security,” the African Development Bank said.
“This support underlines our commitment to energy security, climate-resilient infrastructure and sustainable industrialization on the continent.”
Coral North is estimated to generate more than $20 billion in fiscal revenue over its lifetime, boosting Mozambique’s economy and creating significant short-term and permanent employment opportunities in construction and operations.
The FLNG project is committed to reserving a portion of LNG production for access to clean cooking, domestic industrial development, gas exports to the Southern African Development Community (SADC) region, and the development of gas power projects that will strengthen regional energy security and resilience.
The project is also expected to strengthen Mozambique’s position in the SADC energy market, while increasing Africa’s contribution to and benefiting from growing global LNG demand.
Following last year’s green light for the Coral Norte/North FLNG project, Eni announced a final investment decision (FID) in October 2025 that will enable the exploration of natural gas resources from the Coral Eocene 441 deposit in the Area 4 block.
This includes the Coral Sul/South FLNG facility, a second approved FLNG development, and the Rovuma LNG onshore facility.
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