Prominent Energy companies are now seeing Mozambique as a goldmine of fossil fuel generation.

World’s largest Energy companies like Eni of Italy, Exxon Mobil, Anadarko Petroleum of Texas, BG Group of Britain and their Asian competitors are exploiting the coast of Mozambique with the aid of latest technologies and advances in deep-sea drilling.

It is believed that Mozambique may have more deposit of natural gas than the European energy giant in Norway.

Apart from Mozambique, other East African contries like Kenya and Tanzania are also attracting investments worth billions of dollars.

The rising exploration of energy in East Africa is as a result of the recent economic crisis in parts of the world.

Although production may not start until 2020, Eni is expected to spend about $50 billion to develop the natural gas project in Mozambique. Anadarko and other Energy companies involved also have plans to spend billions of dollars on the project with subsequent intention of selling energy to emerging economies hungry to drive domestic growth.