Coral Norte to mobilise $7.2 billion without public debt
By the AFREEQUE newsroom, based on Carta de Moçambique
The Coral Norte gas project, led by Eni in Mozambique, will be able to mobilise up to $7.2 billion without creating debt or financial obligations for the state. The 4 November decree authorises up to 70% external financing, according to the Mozambican government.
The Mozambican government has approved the financing structure for Coral Norte, the second floating liquefied natural gas production platform in Area 4 of the Rovuma Basin, with an investment of up to $7.2 billion. Loans for the project may not be considered public debt or create financial obligations for the state, according to Carta de Moçambique.
Decree No. 68/2026, dated 4 November, authorises up to 70% of the investment to be financed through borrowed capital, while at least 30% must come from equity. Guarantees granted to financiers are regulated, and creditors will not be able to exercise rights that compromise Mozambique's sovereignty, its regulatory powers or ownership of its natural resources.
The project is led by Italy's Eni and is due to begin production in 2028. Coral Norte is expected to produce 3.55 million tonnes of liquefied natural gas per year. Together with Coral Sul, the first floating unit in Area 4, which began operations in 2022, the two platforms are expected to raise annual capacity to around seven million tonnes.
The government also authorised the creation of ENH Coral Norte, SU, S.A., through ENH Rovuma Área 4, S.A., and approved the general financing conditions for the equity participation of the Empresa Nacional de Hidrocarbonetos (ENH), according to Carta de Moçambique. These decisions are contained in resolutions No. 86/2026 and 87/2026, both dated 4 November.
