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Oil giant Total, Mozambique to export gas by 2024

Cedric Abedi by Cedric Abedi
July 31, 2020
in Business, Southern Africa
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Oil giant Total, Mozambique to export gas by 2024

The project will facilitate the development of gas-fired electricity and will play a key role in providing reliable affordable energy for the country and the wider region

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Mozambique has announced plans to start exporting liquefied natural gas (LNG) by 2024.

This is after Total SA secured a $1.9 billion debt facility for the construction of an LNG processing plant in Cabo Delgado province, north of the country.

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The financing agreement was signed on July 15, 2020. It becomes the country’s first onshore development.

Mozambique’s northern neighbor, Tanzania, also has a LNG project in the natural gas-rich offshore Ruvuma Basin but it is still waiting for the final investment decision (FID) after the government grants approval. Mozambique’s FID for the $20 billion project was made in June 2019 and building works commenced later in August the same year.

Total SA is leading a consortium of firms in the project that will have a gas plant and an export terminal on the Afungi peninsula.

Total acquired a 26.5 per cent stake in the Mozambique LNG project from Occidental Petroleum for $3.9 billion in September 2019 .

Tags: LNGMozambiqueTOTAL

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