South Korea’s construction and engineering multinational Daewoo has expressed interest in participating in projects located in Area 4 of Mozambique’s gas-rich Rovuma basin, in the province of Cabo Delgado, northern Mozambique.
Daewoo’s president Jung Wan Baek revealed this in Maputo yesterday to the press after meeting with President Daniel Chapo.
The boss of the South Korean multinational Jung noted the huge energy and economic potential that the ongoing projects in Area 4 have for Mozambique
“We are carrying out the construction of LNG in Area 1, and we want to participate in the construction of LNG in Area 4.
“We are designing high-value projects that can help Mozambique,” Baek said.
Mozambique’s LNG builds momentum
Mozambique is already on its way to become a world class gas economy, and Daewoo’s exploratory steps align with this ambition.
The key locations for this gas journey has been Area 1 and Area 4, all in the Rovuma basin, which already hosts a consortium of big oil players like Eni, TotalEnergies, ExxonMobil and China’s CNPC.
Key projects in the area include Eni’s Coral Sul FLNG, which is currently producing around 3.5 mtpa of LNG.
A second floating unit, dubbed Coral Norte, is slated for completion by Q2 2028.
The project, valued at $7.2 billion, will also produce around 3.5 mtpa.
Total Energies also plans to restart its long-delayed $20-billion LNG project in Area 1 this summer.
Daewoo revealed plans to develop industries that can also tap into the area’s rich natural gas reserves.
Among these, Baek highlighted the fertiliser and electric power industries as areas that Daewoo could develop in Mozambique.
He said the company could also build cities and a huge diversified and multidimensional tourism infrastructure in the country.
Daewoo wants a share of Area 4
The meeting follows a recent one in June last year when President Filipe Nyusi met with a delegation from Daewoo and Kogas, both Korean firms.
Kogas expressed its commitment to continue investing in the billion-dollar natural gas production project underway in Area 4, where it is already a partner.
“At the moment, we are involved in the LNG projects in northern Mozambique, but we also hope to invest in other areas such as infrastructure, housing construction and others”, Daewoo’s CEO Baek told President Nyusi last year.
Daewoo didn’t have any participating interest in Area 4 but is now seeking the opportunity to join in the gas project.
While formal investment agreements have yet to be signed, the company’s experience in complex LNG and infrastructure projects—already demonstrated by its northern Mozambique work—is expected to further advance the important gas project.
