The African Development Bank Group (AfDB) has sanctioned a $150m senior loan facility to back Eni’s Coral Norte floating LNG (FLNG) project offshore Mozambique. The financing marks a critical milestone for the 3.55m t/yr liquefaction project, which reached FID in October 2025, despite persistent security risks in Cabo Delgado province—a region where competing LNG megaprojects led by TotalEnergies and ExxonMobil have suffered prolonged delays.
The $7.2bn development received government approval from Maputo in April 2025, giving Eni the green light to advance its second FLNG deployment in Mozambique, following the successful commissioning of Coral Sul in mid‑2022. Coral Sul, the country’s first FLNG, is currently delivering 3.4m t/yr into global markets.
Like its predecessor, Coral Norte is underpinned by an estimated 100 tcf of recoverable gas reserves in the ultra‑deepwater Rovuma Basin. The Italian major projects a 30‑year asset life, with first LNG cargoes targeted for Q3 2028. Over its lifecycle, Coral Norte is forecast to generate in excess of $20bn in fiscal revenues for Mozambique.
The project is being advanced by an Eni‑operated consortium comprising ExxonMobil and CNPC (70%), with Galp Energia (10%), Kogas (10%), and state‑owned ENH (10%). Technip Energies and JGC Corporation are executing the topsides EPC package. Samsung Heavy Industries is fabricating the hull.
Beyond AfDB’s senior loan, the capital stack will be supported by a mix of development finance institutions (DFIs), export credit agencies (ECAs) and commercial lenders, underscoring strong multi‑lateral backing for Mozambique’s LNG expansion strategy.