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

Atlantic LNG shipping rates dip below $10,000 per day, European prices up

“Global LNG freight rates hit record lows this week, with the Spark30S (Atlantic) assessment dropping $11,000 to $9,000 per...

Venture Global LNG raises $1.75 billion in IPO

Venture Global announced on Thursday the pricing of its IPO of 70 million shares of its Class A common...

Adnoc Gas, Jera Global Markets seal $450 million LNG supply deal

Jera Global Markets, a joint venture between majority shareholder Japan’s Jera and France’s EDF, and Adnoc Gas announced the...

More News Like This

TotalEnergies says Q4 LNG results to benefit from higher production

"Integrated LNG results are expected to benefit from a 6 percent increase in production, LNG realizations above $10/MMBtu and...

MOL, TotalEnergies name newbuild LNG carrier in South Korea

South Korea’s Hanwha Ocean held on Friday a naming ceremony for one 174,000-cbm LNG carrier it built for Japan's...

TotalEnergies takes first cargo under new Oman LNG contract

TotalEnergies head in Oman and CEO of Marsa LNG, Sergio Giorgi, announced this in a social media post on...

Northern Lights welcomes second LNG-powered LCO2 carrier in its fleet

The second Northern Lights JV’s LNG-powered liquefied CO2 carrier has been delivered in China. Northern Lights, the JV consisting of...