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Mozambique Oil & Gas: Deep Waters Natural Gas reserves exceeds those of Angola and Nigeria

The Deepwater Millennium drillship  works on an Anadarko Petroleum Corp. project in the Rovuma Basin off the coast of Mozambique.
The Deepwater Millennium drillship works on an Anadarko Petroleum Corp. project in the Rovuma Basin off the coast of Mozambique.

All African countries of the Community of Portuguese-Speaking Countries, except Equatorial Guinea, posted growth in the period, notably Mozambique, which after growing 7.2 percent in 2014 is expected to post growth of over 8 percent by 2017.

Mozambique is, moreover, the only Portuguese-speaking country in Africa that will manage to grow well above the average for sub-Saharan Africa, while Angola is expected to post growth ​​of around 5 percent by 2017, slightly above the average of the countries in the region, and well above the growth of the economies of Cabo Verde (about 3 percent) and Guinea-Bissau, which is expected to post growth of around 2 percent over the next three years.

“Sub-Saharan Africa grew moderately in 2014, at an average of 4.5 percent, compared with 4.2 percent in 2013,” according to the World Bank economists.

The reasons for the slowdown in the region, according to the report, are related to “the decline in global demand, low prices of raw materials, weak foreign direct investment, low business confidence, poor skills, particularly in terms of infrastructure,” along with the Ebola epidemic and the sharp decline in oil prices.

This reduction in growth, particularly in China, is considered one of the greatest dangers to the region’s growth, given the importance of the Chinese economy as a partner in many African countries, and particularly in the case of those who have vast natural resources, such as Angola, which exports about half of its oil to China. (macauhub/AO/CN/MZ)

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