• AfDB approves $150 million financing for Mozambique’s Coral Norte gas project
• Funding supports $7.2 billion offshore LNG development led by Eni
• Project targets 7 million tonnes annual capacity by 2028

The African Development Bank (AfDB) has approved $150 million in financing for the Coral Norte gas project, which is being developed offshore Mozambique in the Rovuma Basin. The bank announced the decision on Thursday, Jan. 22.

It said its board approved the financing on Jan. 14, during a meeting to review several investment projects across the continent.

The AfDB described the funding as part of its push to strengthen energy security in Africa, adding that it aims to help advance the project while mobilising additional partners, including development finance institutions, export credit agencies and commercial lenders.

Coral Norte has hit several key milestones in recent months. In early October, Agence Ecofin reported that Italian operator Eni and its partners took a final investment decision (FID) for the project, estimated at $7.2 billion.

The FID paved the way for full-scale construction. On Jan. 16, the hull of the floating unit was launched at Samsung Heavy Industries’ shipyard in Geoje, South Korea, according to the project partners.

Coral Norte is the second phase of the Coral field development, after Coral South came online in 2022. It aims to lift total capacity to about 7 million tonnes a year, up from 3.4 million tonnes currently. The project is due to start up by 2028.

The consortium includes Eni (50%, operator), CNPC (20%), KOGAS (10%), Mozambique’s state-owned ENH (10%) and XRG (10%), a subsidiary of ADNOC.

Abdel-Latif Boureima