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Is Mozambique the Next Oil & Gas Hub?

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Oil and gas prices have been on a steady decline over the years, creating major concerns for global leaders. But for Mozambique, there’s hope during these turbulent times as an estimated 20 billion barrels of natural gas has been found off its coast.

The country sits seventh on the table of poorest countries in the world and has an undisclosed debt worth $1.4 billion (10.7% of GDP), but this discovery could add $39 billion dollars to its economy by 2035, according to a Standard Bank estimation in 2015.
Although only a fraction of the reserves of a country like Russia, which has more than 48.7 trillion barrels, Mozambique’s 20 billion barrels raises its energy profile to rank as the seventh largest reserve in Africa.
The nation emerged as a giant in natural gas in 2012 when 85 trillion cubic feet of natural gas was found in the Rovuma basin, which has been described as “one of the largest gas finds in years.”

Written by Torera Idowu for CNN

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