TotalEnergies Resumes $20 Billion Mozambique LNG Project Following Security Improvements
TotalEnergies is set to relaunch its $20 billion liquefied natural gas (LNG) project in Mozambique, which has been on hold since 2021 due to security concerns from Islamist militants in the Cabo Delgado province. The project, with a production capacity of 13 million metric tons annually, aims to position Mozambique as a significant gas exporter, with operations expected to start in 2029.
President Daniel Chapo and TotalEnergies CEO Patrick Pouyanné will attend the ceremony marking the project's resumption. TotalEnergies has increased its equity in the project after some investors withdrew and has reported a $4.5 billion cost increase due to the delay.
The consortium includes partners such as Mitsui, ENH, Bharat Petroleum, Oil India, and ONGC Videsh. Security has improved due to the presence of Rwandan forces, but the region remains volatile.
