This archive report was first published on 20 July 2020.
On July 20, 2020, Total's Liquefied Natural Gas project in Mozambique received a significant boost with $14.9 billion in debt financing.
The financing package includes contributions from Export Credit Agencies such as UK Export Finance, the Export Credit Insurance Corporation of South Africa, and Japan Bank for International Cooperation, among others. Additionally, 19 commercial bank facilities and a loan from the African Development Bank were part of the deal.
According to Reuters, the project involves the development of gas fields in the Offshore Area 1 concession and the construction of a two-train liquefaction plant with a capacity of 13.1 million tonnes.
The project has been years in the making, with Anadarko Petroleum Corp. discovering the first major offshore gas deposit over a decade ago. The company worked through various price slumps and surges to secure long-term buyers worldwide. Occidental Petroleum Corp. later acquired Anadarko and sold the project to Total last year.
Construction works on the integrated LNG project began in August 2019, with the start of production scheduled for 2024.
