The International Monetary Fund (IMF) anticipates the resumption of TotalEnergies\u2019 liquefied natural gas (LNG) megaproject in Cabo Delgado, northern Mozambique, this year (2024), with first exports within four years.<\/p>\n
\u201cThe onshore LNG project led by TotalEnergies is expected to resume development in 2024,\u201d reads an IMF report on the fourth review of the Extended Credit Facility (ECF) program, completed this month and consulted today by Lusa.<\/p>\n
Following the 2021 terrorist attacks in Cabo Delgado, TotalEnergies, which leads the Area 1 LNG consortium, suspended the project, one of the largest investments in Africa, valued at US$20 billion (\u20ac18.2 billion).<\/p>\n
\u201cWith a view to improving security in the north, TotalEnergies carried out an assessment of the human rights situation in May 2023 and developed an action plan that establishes a basis for local socio-economic development,\u201d the IMF report reads.<\/p>\n
\u201cAlthough they have not yet announced the official resumption of the development phase, it is scheduled for 2024, as soon as project financing is secured,\u201d it adds, while forecasting the start of LNG exports for 2028, a year later than previously.<\/p>\n
\u201cHowever, the Coral FLNG project led by ENI, which began production at the end of 2022, is assumed to have reached 70% of annual capacity in 2023, and almost full capacity in 2024,\u201d the report continues, admitting that revenue from natural gas exports will initially be less than 0.1% of GDP in 2023.<\/p>\n
\u201c[Revenue] is expected to reach 0.6% of GDP in 2028, when the first onshore project begins production,\u201d the report states.<\/p>\n
Mozambique has three natural gas projects approved for development in the Rovuma basin reserves, ranked among the largest in the world.<\/p>\n
TotalEnergies is currently developing a plant near Palma for the production and export of natural gas, suspended since 2021 due to terrorist attacks.<\/p>\n
The president of TotalEnergies, Patrick Pouyann\u00e9, in May acknowledged \u201cpositive progress\u201d towards the resumption of this project, but without committing to any timeline.<\/p>\n
\u201cWe are working on it, and it is better to work like this, it is gradual,\u201d Patrick Pouyann\u00e9 told journalists in Rwanda after a meeting with the Mozambican president, Filipe Nyusi, in which the status of the TotalEnergies project and security in Cabo Delgado were discussed.<\/p>\n
\u201cWe discussed the conditions for resuming the project in Cabo Delgado. I believe we have made positive progress with all contractors and from that point of view we are ready to resume. We are also working with all funders to resume financing the project, and it is progressing well,\u201d Pouyann\u00e9 added.<\/p>\n
Pouyann\u00e9 said that he discussed with Filipe Nyusi the \u201csecurity situation\u201d and \u201cthe progress that has been achieved, in particular in the north of Cabo Delgado\u201d, guaranteeing that the French oil company is \u201cworking in Palma\u201d, although without clarifying whether the project would definitely be resumed this year.<\/p>\n
\u201cIt shouldn\u2019t be like this. It should be step by step, and when all things are put together, we will communicate,\u201d he said.<\/p>\n
President Nyusi said in Maputo on May 2 that it was essential to resume natural gas megaprojects given the \u201cpromising stability\u201d in Cabo Delgado, and that financial decisions could not be an argument at this stage.<\/p>\n
\u201cThis is essential because it cannot be a financial decision problem, now, associated with the terrorist situation. This project already existed, it is old. This means that there was clarity in its execution. It cannot run aground for this reason; let us look for others,\u201d President Nyusi said.<\/p>\n
The International Monetary Fund (IMF) anticipates the resumption of TotalEnergies\u2019 liquefied natural gas (LNG) megaproject in Cabo Delgado, northern Mozambique, this year (2024), with first exports within four years. \u201cThe onshore LNG project led by TotalEnergies is expected to resume development in 2024,\u201d reads an IMF report on the fourth review of the Extended Credit…<\/p>\n","protected":false},"author":2,"featured_media":4268,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"inline_featured_image":false,"footnotes":""},"categories":[121,222,122,221],"tags":[],"class_list":["post-4267","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-economy","category-energy","category-news","category-oil-and-gas","category-121","category-222","category-122","category-221","description-off"],"_links":{"self":[{"href":"https:\/\/cabodelgadoparks.com\/pt\/wp-json\/wp\/v2\/posts\/4267","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/cabodelgadoparks.com\/pt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/cabodelgadoparks.com\/pt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/cabodelgadoparks.com\/pt\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/cabodelgadoparks.com\/pt\/wp-json\/wp\/v2\/comments?post=4267"}],"version-history":[{"count":2,"href":"https:\/\/cabodelgadoparks.com\/pt\/wp-json\/wp\/v2\/posts\/4267\/revisions"}],"predecessor-version":[{"id":4270,"href":"https:\/\/cabodelgadoparks.com\/pt\/wp-json\/wp\/v2\/posts\/4267\/revisions\/4270"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/cabodelgadoparks.com\/pt\/wp-json\/wp\/v2\/media\/4268"}],"wp:attachment":[{"href":"https:\/\/cabodelgadoparks.com\/pt\/wp-json\/wp\/v2\/media?parent=4267"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/cabodelgadoparks.com\/pt\/wp-json\/wp\/v2\/categories?post=4267"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/cabodelgadoparks.com\/pt\/wp-json\/wp\/v2\/tags?post=4267"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}