TotalEnergies Mozambique Mega-Project Back from the Brink: $20 Billion LNG Facility to Resume After 4-Year Halt
After nearly four years of force majeure due to insurgent attacks, TotalEnergies has announced the imminent restart of its massive $20 billion Mozambique LNG project, targeting commercial production by 2029. The French energy giant’s CEO Patrick Pouyanné confirmed that construction will resume by mid-2025, following significant security improvements achieved through the deployment of 4,000 Rwandan troops alongside Mozambican forces.
The project’s resurrection comes after the company successfully navigated complex financing arrangements, including the unfreezing of a crucial $4.7 billion loan from the U.S. Export-Import Bank. Additional debt support from UK and Dutch export credit agencies has further solidified the financial foundation for what will become one of Africa’s largest LNG developments.
The Mozambique LNG facility will initially export 12.8 million tonnes per annum to Asian markets, positioning the project as a cornerstone of Africa’s expanding LNG footprint. Industry experts believe the restart could catalyze ExxonMobil’s planned LNG development in the region, potentially transforming Mozambique into a major global LNG supplier. The project’s success is crucial for Mozambique’s economic growth and will enhance global LNG supply diversity at a time when energy security concerns are paramount.
Source: Financial Times & Reuters
