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TotalEnergies declared force majeure on the Mozambique LNG project in April 2021 and withdrew all personnel from the site due to new attacks.
Mozambique LNG includes the development of offshore gas fields in Mozambique’s Area 1 and a liquefaction plant at the Afungi complex.
Besides TotalEnergies, other partners in the project include Japan’s Mitsui, Mozambique’s ENH, Thailand’s PTT, and Indian firms ONGC, Bharat Petroleum, and Oil India.
In March, the Export-Import Bank of the United States re-approved a $4.7 billion loan for the Mozambique LNG project.
Asked about the Mozambique LNG update during the TotalEnergies first-quarter results call on Wednesday, Pouyanne said, “we had good news.”
“So all the financing is back on track, thanks to the US decision. So now the shareholders have decided fundamentally to move forward with the project,” he said.
“We are all working on it. We are still expecting one or two answers, but in fact, we could finance with our equity.. In fact, it’s more a question of paperwork,” Pouyanne said.
“On the ground, the security of the industrial area, where we are building our project, is completely secure. It’s safe. So what we are working with contractors today is to be sure that all contractors will remain within the perimeter of this secured area. This is a point on which we work with them,” he said.
“So I would say the target is to be able somewhere to relaunch this project by the middle of the year,” Pouyanne said.
Launch in 2029, 2030
Mozambique LNG’s EPC contractor is CCS JV, a venture between Saipem, McDermott, and Chiyoda.
Pouyanne said in October last year that TotalEnergies and its partners were working to restart construction on the giant LNG project by the end of 2024.
He said at the time the project was expected to launch operations in 2029.
“Today, I think we told you 2029. If we lose six months, we’re 2029, 2030, but the idea is to be able to launch the project,” he said in February during TotalEnergies’ 2024 results and 2025 objectives presentation in London.