Mozambique LNG secures $15 billion

The Total-led Mozambique LNG project has secured USD 15 billion in financing, reflecting continuing investor confidence in the long-term prospects for LNG.

The financial commitments are expected to be formalised at a signing event in June, sources told Bloomberg last week.

In The Energy Year’s ongoing series of interviews on the Covid-19 crisis in Mozambique, industry executives have repeatedly expressed confidence that the country’s LNG projects will move forward, supporting continued activity in the emerging gas market.

The USD 23-billion Mozambique LNG project represents the largest-ever private investment made in Africa. Financing is being provided by a group of 20 banks.

Partners in the project include Total, which completed the acquisition of Anadarko’s 26.5% operated interest in late 2019, along with Mozambican NOC ENH (15%), Mitsui E&P (20%), ONGC Videsh (10%), Beas Rovuma Energy Mozambique (10%), BPRL Ventures Mozambique (10%) and PTTEP (8.5%).