TotalEnergies Restarts Mozambique LNG Project
Patrick Pouyanne, CEO of TotalEnergies, met in Afungi with His Excellency Daniel Chapo, President of the Republic of Mozambique, and announced together the full restart of Mozambique LNG project activities. This restart of project activities onshore and offshore follows the decision made on 7 November, by Mozambique LNG consortium to lift the Force Majeure that was declared in 2021 and resume project activities. During the meeting, the government of Mozambique confirmed its commitment to work together with Mozambique LNG to support the restart of project activities and address the consequences of the Force Majeure period. In particular, the Government confirmed all measures taken to address the security and the continued cooperation with Rwanda. Construction activities have now restarted both offshore and onshore at Afungi site, with over 4,000 workers currently mobilized of which over 3,000 are Mozambican nationals. First LNG is expected in 2029 as the project progress is currently at 40% - almost all engineering and procurement of main equipment have been executed during the force majeure period. The Mozambique LNG project will bring significant economic benefits to Mozambique during its development phase, notably through an ambitious local content plan. The project will provide up to 7,000 direct jobs for Mozambicans during construction, and contracts awarded to Mozambican companies are expected to amount to more than $4B.
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TotalEnergies: High Dividend Yield and Diversified Investments
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Mozambique LNG Project Fully Restarts Activities
- Project Restart: Following a meeting with President Daniel Chapo, TotalEnergies announced the full restart of the Mozambique LNG project, marking a significant advancement since the Force Majeure declaration in 2021, which is expected to provide a substantial boost to the national economy.
- Job Creation: The restart is projected to create up to 7,000 direct jobs for Mozambicans, with contracts awarded to local companies expected to exceed $4 billion, further stimulating local economic development.
- Socio-Economic Development Program: The Mozambique LNG Foundation has launched a $200 million socio-economic development program, already creating over 8,000 jobs and supporting 7,000 farmers and fishermen, demonstrating a positive impact on local communities.
- Strategic Importance: The project's restart not only solidifies Mozambique's position as a regional energy hub but also enhances its competitiveness in the global LNG market, strengthening the country's geostrategic position.
