Standard Bank and the Mozambique Oil and Gas Chamber have signed a memorandum of understanding (MoU) aimed at strengthening the participation of micro, small and medium-sized enterprises (MSMEs) in Mozambique’s energy value chain. The partnership seeks to equip local businesses with the financial resources, technical capabilities and commercial connections required to compete for contracts linked to the country’s expanding oil and gas industry.
Signed in Maputo, the agreement comes at a strategic moment for Mozambique as several major liquefied natural gas (LNG) developments move closer to commissioning and final investment milestones. Through business capacity building, improved access to financing and connections with major industry operators, the initiative aims to ensure that domestic companies benefit more directly from the country’s growing energy investment pipeline.
The African Energy Chamber (AEC) has welcomed the agreement, describing it as an important step toward strengthening local content and ensuring that large-scale energy investments translate into sustainable economic opportunities for African businesses.
AEC Executive Chairman NJ Ayuk emphasized that the success of Mozambique’s energy ambitions should not be measured exclusively by production volumes or investment figures, but also by the extent to which local companies secure contracts, generate employment and develop lasting industrial capabilities. He highlighted the partnership as an example of the collaboration needed between financial institutions and industry stakeholders to transform major energy projects into opportunities for domestic enterprises.
Access to finance remains one of the most significant obstacles facing Mozambican businesses seeking to enter the oil and gas supply chain. According to a 2024 MozUp study cited by Mozambique Oil and Gas Chamber President Florival Mucave, only 27% of the 104 suppliers surveyed had access to bank loans, while 84% depended on informal financing sources to cover approximately half of their business needs.
The new agreement seeks to address these limitations by connecting local enterprises with financing institutions while supporting training, business preparation and compliance with procurement requirements. The objective is to ensure that Mozambican companies are not only aware of emerging opportunities but also possess the capacity to meet the standards required by major international operators.
The initiative comes as Mozambique advances an ambitious portfolio of LNG developments that could significantly reshape its position in the global energy market. TotalEnergies’ Mozambique LNG project, designed to produce 13.1 million tonnes per annum (mtpa), is targeting first production by 2029. Development activities are progressing at the Afungi site, where more than 4,000 workers have reportedly been mobilized.
ExxonMobil is also advancing the Rovuma LNG project, a planned 18.6-mtpa development targeting a 2028 start. The company recently selected an engineering and procurement contractor as part of preparations for the project.
Meanwhile, Eni announced at African Energy Week 2026 that drilling would begin in early November for its $7.2 billion Coral Norte floating LNG (FLNG) project. With an expected production capacity of 3.6 mtpa, the development is intended to double Mozambique’s LNG output to approximately 7 mtpa. The company already operates the Coral Sul FLNG project, which began production in 2022.
Together, these developments represent significant opportunities for local suppliers across multiple areas, including engineering, logistics, construction, equipment maintenance, transportation, catering and other specialized services. However, securing meaningful participation will depend on whether domestic businesses can access the capital, technical expertise and commercial networks necessary to compete effectively.
For the Mozambique Oil and Gas Chamber, the partnership with Standard Bank represents an effort to bridge the gap between the opportunities created by large-scale energy investments and the readiness of local enterprises to participate in them.
As Mozambique moves closer to realizing its LNG ambitions, strengthening domestic businesses will be essential to ensuring that the benefits of energy development extend beyond international operators and major infrastructure projects. The partnership therefore highlights the growing importance of local content as a driver of employment, entrepreneurship, industrial development and broader economic participation across Africa’s energy sector.
