The volume of natural gas exports from Mozambique soared by 80.9% in the second quarter of this year, compared to 2022, bringing in 336 million dollars, according to data from the Bank of Mozambique.

According to a report by the Bank of Mozambique on the country's balance of payments in the second quarter, this is an inflow of 238.1 million dollars more than in the same period in 2022, explained essentially by "the increase in the volume of exports".

"To justify this, the start of exploration and export of gas from area 4 of the Rovuma basin, given that the international price fell by 64.1%," reads the report quoted by Lusa.

Even so, despite this increase, natural gas was unable to dethrone coal as Mozambique's main export product, which earned the country 583.4 million dollars in the second quarter, 28% less than in the same period in 2022, in this case influenced by the "decrease in the average price on the international market by 57.8%, while the volume exported increased by 27.5%".

Meanwhile, revenues from aluminum and electricity exports fell by 43.6% and 9.4%, respectively, "due to a combination of various factors", and were worth 310 million dollars and 131.7 million dollars, respectively, in the same quarter.

Overall, exports from the Mozambican economy brought in 2,012 million dollars in the second quarter, 179 million dollars less than in the same period in 2022. Of this total, India led among purchases from Mozambique, with a share of 15.3% of the total, mainly coal, followed by South Africa, with 13.3%, leading among natural gas, and China, with 10.3%, essentially in heavy sands.

Area 4 is operated by Mozambique Rovuma Venture (MRV), a joint venture co-owned by ExxonMobil, Eni and CNPC (China), which holds 70% of participating interest in the concession contract, with natural gas production starting in 2022. Galp, Kogas (South Korea) and Empresa Nacional de Hidrocarbonetos (Mozambique) each hold a stake of 10%.

Eni, the concessionaire for Rovuma Area 4, is already discussing with the Mozambican government the development of a second floating platform, a copy of the first and called Coral Norte, to increase gas extraction, a source from the Italian oil company told Lusa earlier this month.

This plan involves the acquisition of a second FNLG floating platform for the North Coral area, identical to the one that has been extracting gas in the South Coral area since mid-2022.