According to the South Korean Ministry of Economy and Finance, the Chinese and South Korean governments signed an agreement to support the joint exploration of natural gas in the Rovuma basin, Cabo Delgado province, in northern Mozambique.

In a statement, the ministry pointed out that the Coral field in the Rovuma basin has a reserve of 190 billion cubic feet of natural gas and natural gas production is expected to start in 2024.

The Coral field has investments from the South Korean state company Korea Gas Corporation and the Chinese state oil company China National Petroleum Corp. The consortium responsible for the project also includes the Portuguese company Galp Energia S.A. and the Mozambican state oil company Empresa Nacional de Hidrocarbonetos, among other partners.