French oil major TotalEnergies said it, along with its project partners, had lifted force majeure on their $20 billion Mozambique LNG project, four years after an Islamist militant attack brought construction to a halt.<\/p>\n
Notice was sent to the Mozambican government via letter on Friday, a TotalEnergies press officer said.<\/p>\n
The company said, however, the project would only be relaunched once the government had approved an updated budget and schedule.<\/p>\n
\u201cBefore fully relaunching the project, Mozambique\u2019s council of ministers needs to approve an addendum to the plan of development,\u201d the company said.<\/p>\n
TotalEnergies, the project\u2019s operator and leading shareholder, forecasts the 13 million metric-ton-per-year project will come online in 2029, around five years later than initially expected.<\/p>\n
Costs rise by at least $4 billion?<\/p>\n
Costs related to security and the four-year halt had added at least $4 billion to the project\u2019s stated $20 billion price tag, Indian shareholder Bharat Petroleum said last year. Shareholders have been in negotiations with the Mozambique government to decide how the additional costs should be split.<\/p>\n
Contracts have been agreed to sell nearly 90% of the project\u2019s future output, TotalEnergies has said, with long-term buyers including China\u2019s CNOOC, France\u2019s EDF, and British major Shell. A portion of the gas is reserved for Mozambique\u2019s state energy company ENH.<\/p>\n
Major discoveries of offshore gas lured investors to Mozambique \u2013 where companies including Italy\u2019s ENI and U.S major ExxonMobil also have stakes \u2013 but the project\u2019s resumption will focus attention on whether Mozambique can provide the political stability and security needed to exploit those reserves.<\/p>\n
The project, known as Mozambique LNG, is 40% complete. Remaining works will take place in \u201ccontainment mode\u201d, with workers allowed in by air or sea only for security reasons, TotalEnergies told a September 29 Investor Day.<\/p>\n
On the coast of Chile, drought is causing a shortage of water which heavily impacts agriculture.<\/p>\n
Mozambique LNG is owned by TotalEnergies (26.5%), Japan\u2019s Mitsui (20%), ENH (15%), Bharat Petroleum (10%), Oil India (10%), ONGC Videsh (10%), and Thailand\u2019s PTTEP (8.5%).<\/p>\n
Source:<\/strong> Reuters<\/p>\n","protected":false},"excerpt":{"rendered":" French oil major TotalEnergies said it, along with its project partners, had lifted force majeure on their $20 billion Mozambique LNG project, four years after an Islamist militant attack brought construction to a halt. Notice was sent to the Mozambican government via letter on Friday, a TotalEnergies press officer said. The company said, however, the…<\/p>\n","protected":false},"author":2,"featured_media":4591,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"inline_featured_image":false,"footnotes":""},"categories":[225,122],"tags":[],"class_list":["post-4590","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-lng","category-news","category-225","category-122","description-off"],"_links":{"self":[{"href":"https:\/\/cabodelgadoparks.com\/pt\/wp-json\/wp\/v2\/posts\/4590","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=4590"}],"version-history":[{"count":2,"href":"https:\/\/cabodelgadoparks.com\/pt\/wp-json\/wp\/v2\/posts\/4590\/revisions"}],"predecessor-version":[{"id":4593,"href":"https:\/\/cabodelgadoparks.com\/pt\/wp-json\/wp\/v2\/posts\/4590\/revisions\/4593"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/cabodelgadoparks.com\/pt\/wp-json\/wp\/v2\/media\/4591"}],"wp:attachment":[{"href":"https:\/\/cabodelgadoparks.com\/pt\/wp-json\/wp\/v2\/media?parent=4590"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/cabodelgadoparks.com\/pt\/wp-json\/wp\/v2\/categories?post=4590"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/cabodelgadoparks.com\/pt\/wp-json\/wp\/v2\/tags?post=4590"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}