Mozambique is reinforcing its commitment to maximizing oil and gas exploration as a key driver for industrialization and economic transformation.
This was the central message at the Invest in African Energies: Mozambique Roundtable, held in Maputo on Thursday, in partnership with the African Energy Chamber (AEC).
Florival Mucave, Chairman of the Mozambique Energy Chamber, emphasized the country’s need to maximize exploration and production in the energy sector to eradicate poverty and drive sustainable economic growth.
In his opening remarks, Mucave laid out a bold and optimistic vision for Mozambique’s energy future.
“Our module as a developing nation is to ‘Drill Baby Drill’ and fully exploit our oil and gas potential to fuel industrialization.”
Florival Mucave, Chairman of the Mozambique Energy Chamber
According to Mucave, this strategy is the best means for the country to harness the significant benefits of its vast energy resources, which could potentially transform the country’s economic landscape.
Despite the growing global discourse on climate change and the push for cleaner energy sources, Mucave stressed that Mozambique cannot afford to ignore its hydrocarbon resources.
He acknowledged the challenges that climate change poses but emphasized that the country’s ongoing economic struggles necessitate the exploitation of its natural resources to accelerate industrial and social development.
“We recognize the challenges posed by climate change and remain committed to addressing them, but we cannot afford to sit on these vast resources and continue to struggle economically.”
Florival Mucave, Chairman of the Mozambique Energy Chamber
The Chairman’s remarks underscore a key aspect of Mozambique’s energy strategy: balancing economic growth with environmental concerns.
The country is aware of the global trend toward decarbonization and the push for renewable energy, but it is also keenly aware that oil and gas remain pivotal to fueling its economic ambitions in the short term.
Mozambique’s Energy Landscape
NJ Ayuk, Executive Chairman of the AEC, echoed Mucave’s sentiments, stressing the critical role of private-public sector partnerships in ensuring sustainable resource exploitation.
“Mozambique’s energy story is still being written, and it must be written here in Mozambique.
“We must get it right by prioritizing local content, avoiding resource nationalization, and strengthening partnerships with both global and local companies – they are not our adversaries.”
NJ Ayuk, Executive Chairman of the AEC
He urged Mozambique to push back against the global demonization of fossil fuels, arguing that while developed nations continue to benefit from oil and gas, African nations should fully exploit their resources.
“When they tell you oil is bad, yet they continue to benefit from it, we must produce every drop to empower ourselves.
“Do not apologize for developing this God-given resource. The Chamber will continue to stand by you.”
NJ Ayuk, Executive Chairman of the AEC
Mozambique holds some of the largest natural gas reserves in Africa, particularly in the Rovuma Basin, where major Liquefied Natural Gas (LNG) projects are underway.
Milton Macuacua Zibane, Administrator of Mozambique’s Petroleum Regulator, revealed that the government is accelerating the implementation of over $15 billion worth of planned oil and gas projects to create jobs, industrialize the economy, and attract foreign direct investment (FDI).
Mozambique’s ‘Drill Baby Drill’ approach underscores its determination to maximize its hydrocarbon resources as a pathway to economic prosperity. With strong governmental support, foreign investments, and local content policies, the country has the potential to transform itself into a major energy powerhouse in Africa.
As the country navigates challenges like security risks and climate policies, continued collaboration between public and private sectors will be essential to achieving long-term sustainability in the oil and gas industry.
The message from the Invest in African Energies: Mozambique Roundtable was clear—Mozambique must fully exploit its oil and gas wealth to fuel development, reduce poverty, and ensure a prosperous future for its people.
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