Report: Total secures $14.4 billion Mozambique LNG financing

French energy company Total has reportedly secured $14.4 billion funding for its liquefied natural gas export project in Mozambique.

The financing deal includes a group of around 20 lenders for the first phase of senior debt funding, Reuters reported on Thursday citing unidentified sources.

The French company expects to close the financing in the third quarter, the report said.

Bloomberg reported earlier on Wednesday that the lenders include Rand Merchant Bank, Standard Bank Group and Societe Generale, which is acting as the financial adviser.

Bloomberg also said in the report that the financing deal is worth about $15 billion with signing scheduled for June.

Worth noting here, the U.S. Export-Import Bank has last week approved a $4.7 billion loan to back American suppliers for the giant LNG project.

The bank amended a previously approved loan to include the offshore scope of the project related to the development of the Golfinho/Atum gas fields which will feed the LNG plant.

Anadarko and its co-venturers in Area 1 sanctioned Mozambique LNG in June 2019.

Total acquired Anadarko’s 26.5 percent interest in the LNG project in September last year for $3.9 billion.

Mozambique LNG is estimated to be worth more than $20 billion.

The project will initially consist of two LNG trains in Cabo Delgado with a capacity of 12.88 million tonnes per year to support the development of the Golfinho/Atum fields.

Area 1 contains more than 60 trillion cubic feet of gas resources, of which 18 Tcf will be developed with the first two trains.

Total said previously that it expected production to begin by 2024.

- Advertisements -

Most Popular

Adnoc picks South Korean yards to build six LNG carriers

UAE’s energy giant Adnoc has selected two South Korean shipbuilders to build six liquefied natural gas (LNG) carriers following...

Golar says progress made on new FLNG deal

Floating LNG player Golar LNG is working to sign definitive agreements for an up to 20-year FLNG deployment. In February,...

Aethon to buy Tellurian’s upstream assets for $260 million

Dallas-based private investment firm Aethon Energy Management has agreed to buy Tellurian’s integrated upstream assets for $260 million. The...

More News Like This

India’s Dhamra LNG terminal received 20 cargoes in first year of operations

India’s Adani and France’s TotalEnergies have received 20 shipments at their Dhamra LNG import facility located in Odisha, on...

TotalEnergies supplies LNG cargo to PetroVietnam Gas

PetroVietnam Gas, a unit of state-owned PetroVietnam, has received a liquefied natural gas cargo from a unit of France's...

Japan’s MOL charters LPG carrier duo to TotalEnergies

Japan’s shipping firm MOL said on Thursday it has signed a charter deal for two 88,000-cbm LPG carriers with...

NextDecade: Rio Grande LNG work progresses

US LNG firm NextDecade is moving forward with construction work on the first phase of its Rio Grande LNG...