TotalEnergies Resurrects $20 Billion Mozambique Giant After 4-Year Hiatus
French energy powerhouse TotalEnergies has officially announced the resurrection of its massive $20 billion Mozambique LNG project, setting an ambitious 2029 production target after a four-year suspension that left the industry wondering if the mega-project would ever see the light of day.
The project’s revival comes after significant security improvements in the previously volatile Cabo Delgado province, where militant violence had forced TotalEnergies to halt construction in 2021, leaving billions of dollars in infrastructure in limbo.
CEO Patrick Pouyanné expressed unwavering confidence in the timeline: “Production will be by 2029.” Despite the construction halt, the company maintained crucial engineering work, positioning itself to hit the ground running with its 26.5% stake in the development.
The project’s scope remains staggering – developing the Golfinho and Atum gas fields while constructing a two-train liquefaction plant capable of producing 13.12 million metric tons of LNG annually. The economic implications for Mozambique are equally massive, with expectations of thousands of new jobs and substantial government revenue streams.
Security stabilization efforts by Rwandan and Southern African Development Community troops have been instrumental in creating conditions for the restart. The US Export-Import Bank’s confirmed financing has further strengthened the project’s prospects.
The revival represents a major vote of confidence in Mozambique’s economic future and signals TotalEnergies’ determination to play a pivotal role in shaping the country’s energy sector destiny.
Source: dmarketforces.com
