The Quirimbas National Park in Mozambique’s northern Cabo Delgado province. Exxon Mobil’s proposed Rovuma liquefied natural gas project, is located some 40km off the Cabo Delgado coast.

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Mozambique could grow its economy by as much as $11 billion (R183 billion) a year, create tens of thousands of jobs and generate about $4 billion in annual fiscal revenue by developing its natural-gas deposits, Standard Bank Group said.

Exxon Mobil’s proposed Rovuma liquefied natural gas project, which is slated to begin production in 2030, will boost economic growth to 4.1% and add $81 billion to Mozambique’s sovereign wealth fund by 2056, the lender said in the report conducted in partnership with consultancy firm Conningarth Economists.

The project could boost household income 21% as the southern African country moves toward becoming the world’s fourth-largest supplier of gas, the report said.

“Fiscal revenues will play a critical role in reducing sovereign debt and strengthening public investment, while also driving economic growth,” Standard Bank Mozambique Chief Executive Officer Bernardo Aparício said in the emailed note.

The Rovuma project requires an estimated investment of about $30 billion. It is located close to TotalEnergies $20 billion project that was derailed by an Islamic State-linked insurgency in 2021 and has recently restarted. Meanwhile, Eni SpA also announced plans to build a $7.2 billion floating LNG project.

The projects are expected to transform the world’s fifth-poorest nation, which is still recovering from a civil war that ended in 1992. Mozambique’s GDP was less than $23 billion in 2025, according to the International Monetary Fund.