Gas bubble deflates further
Just as the Bank of Mozambique tabled a proposal for a sovereign wealth fund with a predicted $96 bn, the likelihood of a big gas bonanza declined further. ExxonMobil has delayed again any investment decision on Area 4 in Cabo Delgado, and its financial crisis makes it unlikely the gas will ever be produced there.
Meanwhile, none of the projects to use Mozambique's share of the gas will go ahead. Zitamar (4 Nov) reports that Norwegian fertiliser giant Yara has abandoned plans to develop a fertiliser plant using Cabo Delgado gas (see article below). Zitamar also reports that neither Shell, which was planning to develop a gas-to-liquids project at the LNG site in Palma, nor Great Lakes Africa Energy, which was planning gas-fired power plant in Nacala, have moved their projects forward since they won a domestic gas project competition in 2016.
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