Our module being a developing nation as we are is to ‘Drill Baby Drill’ and maximize the exploration and production of oil and gas to catalyze industrialization and economic growth.

This was the key message delivered by Florival Mucave, Chairman of the Mozambique Energy Chamber, during the Invest in African Energies: Mozambique Roundtable held in partnership with the African Energy Chamber (AEC) in Maputo on Thursday.

In his opening remarks, Mucave emphasized that increased investment in oil and gas projects is Mozambique’s best opportunity to eradicate poverty and boost economic development.

“We are confident that oil and gas will deliver significant benefits to our people. While we recognize the challenges posed by climate change and remain committed to addressing them, we cannot afford to sit on these vast resources and continue to struggle economically,” he stated.

NJ Ayuk, Executive Chairman of the AEC, echoed this sentiment, stressing the need for stronger collaboration between the private and public sectors to foster youth and women’s inclusion while creating an investor-friendly environment.

“Mozambique’s energy story is still being written, and it must be written here in Mozambique. We must get it right by prioritizing local content, avoiding resource nationalization and strengthening partnerships with both global and local companies - they are not our adversaries,” Ayuk remarked.

He further urged Mozambique to push back against the demonization of fossil fuels, stating, “When they tell you oil is bad, yet they continue to benefit from it, we must produce every drop to empower ourselves. Do not apologize for developing this God-given resource. The Chamber will continue to stand by you.”

During the event, Mozambique’s Petroleum regulator Administrator Milton Macuacua Zibane said the country is implementing efforts fast-track implementation of over $15 billion worth of planned projects to create local jobs and drive economic expansion.