Mozambique’s government expects to reap $95 billion (R1.35 trillion) in revenue over 25 years from natural-gas deposits being developed in the country – more than seven times larger than its gross domestic product.
Exxon Mobil’s Rovuma LNG project, for which the cabinet approved the development plan this week, is expected to generate $46 billion of income for the state, according to a statement posted on the government’s website yesterday. That added to the $49 billion of revenue anticipated from two other LNG projects being developed nearby by Eni SpA and Anadarko Petroleum, it said in June.
The liquefied natural gas projects the three companies plan to build in Cabo Delgado province will be transformational for the world’s sixth-poorest nation, still recovering from the civil war that ended in 1992. Mozambique’s GDP was less than $13 billion in 2017, according to the World Bank.