The National Hydrocarbon Company (ENH) said it was in contact with Italian companies interested in investing in a second platform for the exploration of Liquefied Natural Gas (LNG) in the Rovuma basin, in Cabo Delgado.

The Chairman of the Board of Directors of ENH gave the assurance last Friday in Bilene, Gaza, on the sidelines of the Coordinating Council of the Ministry of Mineral Resources and Energy.

"The partners we have, in this case, the Italians, have been talking about the possibility of bringing a new platform, but this is still in a conceptual study phase, there is no approval yet, they are ideas and we are studying, analyzing the projects and determining the pros and cons; also from our side we have to see what benefits this brings" revealed Estevão Pale.

The PCA noted that the conflict in Eastern Europe opened a window of opportunity for Mozambique to position itself as a major gas supplier to the European market, given uncertainties of continuity of supply with Russian gas.

"We think that Mozambique should take advantage of this opportunity," he explained.

In the existing liquefied natural gas projects in Area 1 and 4 of the Rovuma Basin, ENH, the state's business arm, is struggling with the problem of high costs to finance itself.

Estevão Pale says that the country's biggest problem is in finding cheaper financing to independently secure its participation in the projects.

"ENH participates in area four with ten percent and in area one with 15 percent, and right now it is being carried by the partners. Of course, these financings are quite expensive, and we have been working to look for alternatives to refinance its participation. Now, additional projects mean additional effort for ENH, in terms of looking for alternative sources to be able to cope with its participation in these projects," Pale pointed out.

According to ENH's PCA, the projects currently underway in the Rovuma Basin exploit less than 10 percent of the proven reserves.

The Coral-Sul project is led by the Italian company Eni, whose first shipments of gas will begin to be exported next October.