Saipem CFO expects Mozambique LNG work to resume next year

Italian contractor Saipem expects work on the giant $20 billion Mozambique LNG project to resume around mid-2022, according to its finance chief Antonio Paccioretti.

To remind, TotalEnergies declared force majeure on the LNG project earlier this year following new attacks near the Afungi plant site.

The project’s EPC contractor is CCS JV, a venture between Saipem, McDermott, and Chiyoda.

Paccioretti told analysts during a conference call last week that in order to reach the company’s revenues target next year “we also have to consider the contribution of Mozambique.”

As of September 30, the giant LNG project remains in Saipem’s backlog for an amount of about 3.6 billion euros ($4.15 billion), he said.

TotalEnergies said in April this year the Mozambique LNG project would be delayed for “at least one year.”

The energy giant had previously expected to launch the project in 2024. Mozambique LNG includes the development of offshore gas fields in Mozambique’s Area 1 and a 12.8 mtpa liquefaction plant at the Afungi complex.

Also, the project will have a fleet of dedicated LNG carriers.

Besides Total, other partners in the project are Japan’s Mitsui, Mozambique’s ENH, Thailand’s PTT, and Indian firms ONGC, Bharat Petroleum, and Oil India.

Most Popular

Abaxx sees significant volume growth in its LNG futures

Abaxx Commodity Futures Exchange, a wholly owned subsidiary of Abaxx Technologies (CBOE:ABXX) has seen significant volume growth in its physically deliverable LNG futures during the past summer months, according to Abaxx Exchange Chief Commercial Officer Joe Raia.

Another steam LNG carrier sold for demolition

An NYK-managed steam liquefied natural gas (LNG) carrier has been sold for demolition, according to brokers.

GTT develops new LNG fuel tank

French LNG containment giant GTT has developed a new cubic-shaped LNG fuel tank for commercial vessels, with a particular focus on LNG-fueled container vessels.

More News Like This

NextDecade takes FID on fourth Rio Grande LNG train

US LNG firm NextDecade has made a final investment decision on the fourth train at its Rio Grande LNG facility in Texas.

TotalEnergies pens LNG supply deal with South Korea’s Kogas

French energy giant TotalEnergies has entered into a long-term agreement with South Korean LNG importer Kogas to supply the latter with liquefied natural gas.

Santos CEO expects Papua LNG FID in early 2026

France's TotalEnergies and its partners plan to take a final investment decision on the Papua LNG export project in Papua New Guinea in the first quarter of 2026, according to Santos CEO Kevin Gallagher.

NextDecade secures equity commitments for fourth Rio Grande LNG train

US LNG firm NextDecade has secured up to $1.8 billion in equity commitments from TotalEnergies and Global Infrastructure Partners to finance the construction of the fourth train at its Rio Grande LNG facility in Texas.