The board of the African Development Bank has cleared a $150 million senior loan to support the Coral Norte FLNG development in Mozambique’s Rovuma basin, Eni’s second floating LNG project offshore the country. The scheme forms part of a large-scale offshore gas programme, with total capital expenditure estimated at over $7 billion and government revenues for Mozambique projected at above $20 billion over the life of the project.

On 14 January 2026, the bank’s board approved the facility, in the run-up to a launch event by Samsung Heavy Industries (SHI) for the Coral Norte FLNG unit at its Geoje shipyard. The floating LNG facility is being advanced by Eni as a core element of the wider Rovuma basin gas development offshore Mozambique.

The Coral North FLNG scheme involves the development, construction and operation of a floating LNG vessel positioned roughly 55 km off Cabo Delgado province in northern Mozambique. Once on stream, the unit is expected to produce around 3.6 million tonnes of LNG per year. It follows the earlier Coral South FLNG facility, which started up in 2022 and marked Mozambique’s entry into offshore LNG production.

Overall capital expenditure for Coral North FLNG is put at above $7 billion. Alongside the African Development Bank Group, the funding structure will also draw on other development finance institutions, export credit agencies and private-sector lenders.

In its project assessment, the African Development Bank said the new development builds on earlier LNG investments in Mozambique and strengthens the country’s position in global LNG supply. The institution highlighted expected socio-economic gains such as additional employment, higher tax and royalty income and improved energy security, and linked its backing to broader goals on climate-resilient infrastructure and sustainable industrialisation in Africa.

Project forecasts indicate that Coral North FLNG could yield government revenues in excess of $20 billion over the duration of its operations, giving a significant lift to Mozambique’s public finances. The construction phase and subsequent operation of the facility are also expected to provide both temporary jobs and long-term roles.

A share of the LNG volumes from Coral North FLNG will be earmarked for domestic and regional markets. The sponsors plan to use part of the output to expand access to cleaner cooking fuels, support industrial activity in Mozambique, supply gas to buyers in the SADC (Southern African Development Community) region and feed gas-to-power schemes, with the aim of bolstering energy security and resilience. The development is also expected to expand Africa’s role in, and benefits from, a growing global LNG market while reinforcing Mozambique’s position in SADC’s energy system.

After formal approval of the Coral Norte FLNG development last year, Eni went on in October 2025 to announce FID (final investment decision) for the exploitation of natural gas resources in the Coral Eocene 441 deposit in the Area 4 concession. The decision covers the existing Coral Sul FLNG facility, the second offshore floating LNG development and the associated Rovuma LNG onshore plant.