Global Capital Connections: Japan and South Korea Are Locking In African LNG Supply
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Over the past two years, Japanese trading houses and South Korean gas companies have continued to expand their positions across African oil, gas and LNG. These investments combine upstream equity, long-term offtake and infrastructure partnerships, reflecting a broader push to diversify supply and strengthen energy security. As geopolitical shifts and disruptions in the Gulf reinforce the value of diversified LNG supply, Invest in African Energy (IAE) 2027 in Paris will bring African project sponsors, investors and offtakers together to advance partnerships with two of Asia’s most established energy markets.
Mozambique Leads
Mozambique’s Rovuma Basin has become a major focal point for Japanese LNG investment. Mitsui and the Japan Oil, Gas and Metals National Corporation support a 20% participating interest in the TotalEnergies-operated Area 1 project, while more than 4 million tons per year – roughly one-third of Mozambique LNG’s planned production – is contracted to Japanese companies. Tokyo Gas, JERA and other Japanese utilities are among the buyers linked to the project.
The relationship extends beyond equity and offtake. Japanese institutions have supported project financing, while Japan has also maintained a broader infrastructure presence in Mozambique. In 2024, Nigeria’s NNPC delivered its first LNG cargo to Japan, providing another example of African gas reaching the Japanese market directly.
South Korea is building a similar position in Mozambique. Korea Gas Corporation holds a 10% stake in the $7.2 billion Coral North FLNG project, alongside Eni, CNPC, Mozambique’s ENH and XRG. The consortium reached FID in October 2025, while KOGAS also holds a 10% interest in the broader Rovuma LNG development.
Security Drives Diversification
For both markets, African LNG is increasingly connected to a wider energy-security strategy. KOGAS CEO Yeonhye Choi said South Korea’s dependence on Middle Eastern LNG fell from 45% in 2022 to 24% in 2025, with further diversification expected in 2026.
Mozambique illustrates how this strategy can bring together Asian buyers, international operators, national oil companies and Gulf investors within the same project. For African gas producers, that creates opportunities to secure not only equity investment but also long-term offtake and access to established Asian markets.
What It Means for Projects Heading to Paris
Japan and South Korea now have equity and offtake interests connected to some of Africa’s largest LNG developments. As competition among buyers intensifies and African producers seek to monetize major gas reserves, the opportunity extends beyond Mozambique to new upstream, LNG and infrastructure projects across the continent.
IAE 2027, taking place in Paris from May 11–13, will provide a platform for African ministries, national oil companies, project sponsors, investors and global offtakers to move these relationships toward new transactions. Through the Commodities and Capital Allocation Forum and Transaction Suite, African projects can engage directly with international capital, strategic investors and long-term buyers.
To learn more about IAE 2027 and register as a delegate, visit invest-africa-energy.com.