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Mozambique is the third-largest holder of proven reserves in Africa and has prioritized development of its Liquefied Natural Gas industry to fast-track industrialization. Despite the impact of COVID-19 in 2020, Mozambique was able to secure the largest Foreign Direct Investment in Africa to date and is on schedule to become a global gas exporter and meet rising gas demand by 2023.
According to a report from Standard Bank in February 2021, LNG demand is expected to increase from 359 MTPA to 655 MTPA from 2019-2040. Despite COVID-19-related implications, the International Energy Agency has noted that LNG demand increased by two percent year-on-year in December 2020.