ExxonMobil’s gas project is forecast to lift Mozambique’s economy by more than 4% a year once production starts in four years, Standard Bank estimates.
Mozambique has the world’s eleventh largest gas reserves and the $30 billion Exxon-Mobil-led project, alongside TotalEnergies’ $20 billion gas project, are central to reshaping the economy. The country has positioned itself as a source of liquefied natural gas as an alternative for global buyers hit by disruptions around the Strait of Hormuz.
Standard Bank, Africa’s biggest lender by assets, said the Exxon-Mobil project will add up to $150 billion in tax revenue over a 30-year period. But the timeline depends on stability in northern Mozambique, where an armed insurgency has disrupted work and delayed earlier project milestones.
