“Mozambique has probably made the world’s biggest gas discovery in the past 10 years and will probably become the next Qatar,” said Simon Ashby-Rudd, head of oil, gas and renewables at Standard Bank.
The natural gas findings in the Rovuma Basin, in Mozambique, is said to bring more than 30 billion dollars’ worth of ventures between 2013 and 2018.
(READ MORE: Mozambique’s big oil & gas boom)
“The planned development of natural gas projects in the Rovuma Basin, and associated infrastructure spending, will result in Mozambique’s accelerated GDP growth to above-average,” said Fausio Mussa, chief economist at Standard Bank Mozambique.
The country’s government has already benefited from the promising gas industry, having already received roughly 1 billion dollars in the past 12 months in taxes from gas-related deals.
The town of Palma, in Northern Mozambique has already been dubbed “City of Gas”. It covers nearly 20,000 hectares of land and will have massive liquefied natural gas plants and a range of energy-intensive industries.
(READ MORE: Power play in Mozambique)
Mozambique will not be the only country to benefit from its massive deposits of gas.
“The country’s Southern African neighbours, which need electricity for economic growth and poverty alleviation, are also hoping to benefit,” said Francis Perrin, the president of strategies et Politiques Energetiques.
Mozambique’s population of over 25 million is growing at a rapid rate. The Economist Intelligence Unit reported that the country’s GDP could grow 7.3 per cent this year and 7.6 per cent in 2015.