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Mozambique could grow its economy by as much as $11B annually, create tens of thousands of jobs, and generate ~$4B/year in fiscal revenue by developing its natural gas deposits, Standard Bank Group said Monday.

Exxon's (XOM) proposed Rovuma liquefied natural gas project, which is expected to begin production in 2030, will boost economic growth to 4.1% and add $81B to Mozambique's sovereign wealth fund by 2056, as Mozambique moves toward becoming the world's fourth-largest gas supplier, the lender said in the report conducted with Conningarth Economists.

The Rovuma project, which is located close to TotalEnergies' $20B project that was delayed by an Islamic State-linked insurgency in 2021 and has recently restarted, will require ~$30B in spending.

The project, along with Eni's planned $7.2B floating LNG project, is expected to transform the economy of Mozambique, which is recovering from a civil war that ended in 1992.