TOTAL ENERGIES POISED TO RESTART $20 BILLION MOZAMBIQUE LNG PROJECT THIS SUMMER
In a dramatic turnaround for East African energy development, TotalEnergies CEO Patrick Pouyanne announced Tuesday that the company will seek Mozambique’s approval to lift a force majeure declaration on its massive $20-billion liquefied natural gas project and resume construction by mid-summer.
“The security situation has improved,” Pouyanne told Reuters on the sidelines of the World Gas conference. “It will be up to the government of Mozambique to approve lifting of this force majeure.”
The project, which has been under force majeure since 2021 following insurgent attacks, includes development of the Golfinho and Atum natural gas fields in the Offshore Area 1 concession and construction of a two-train liquefaction plant with a capacity of 13.12 million tonnes per year.
Total leads the operation with a 26.5% stake, followed by Mitsui Co. with 20%, while Mozambique’s state-owned ENH holds 15%. Indian state firms and Thailand’s PTTEP own the remaining shares.
Pouyanne also revealed that in Papua New Guinea, TotalEnergies is working to reduce capital expenditure for its LNG project there by 20-25%. This second major gas project in Papua New Guinea, the 5.4-mtpy Papua LNG, is a joint venture between TotalEnergies, Exxon Mobil, Santos, and state-owned Kumul Petroleum.
Source: bairdmaritime.com
