TotalEnergies further delays $20 bln Mozambique LNG project, FT reports

Reuters
22 Jan
UPDATE 1-TotalEnergies further delays $20 bln Mozambique LNG project, FT reports

Adds details and background paragraph 2 onwards

Jan 22 (Reuters) - France's TotalEnergies TTEF.PA has further delayed its $20 billion liquefied natural gas $(LNG)$ project in Mozambique, citing ongoing security concerns, the Financial Times reported on Wednesday.

The LNG project in the restive Cabo Delgado province has been on hold since 2021 when an Islamist insurgency threatened the site. Dozens of civilians were killed in the attacks in a nearby town, forcing Total to declare a force majeure and withdraw all staff from the construction site.

The company told the FT that plans to restart the project by the end of 2024 have slipped after violence flared following October’s disputed presidential election, putting at risk a goal to begin production in 2029.

Daniel Chapo of the long-ruling Frelimo party took office last week, following months of opposition protests against his disputed election victory in which civil society groups say more than 300 people have been killed.

TotalEnergies didn't immediately respond to a Reuters' request for comment.

"The priority is to restore peace and security in the Cabo Delgado and the lifting of the force majeure," TotalEnergies told FT.

It needed "public services" and "normal life" to resume for the project to restart, the company added.

(Reporting by Bipasha Dey in Bengaluru; Editing by Michael Perry)

((Bipasha.Dey@thomsonreuters.com;))

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

Most Discussed

  1. 1
     
     
     
     
  2. 2
     
     
     
     
  3. 3
     
     
     
     
  4. 4
     
     
     
     
  5. 5
     
     
     
     
  6. 6
     
     
     
     
  7. 7
     
     
     
     
  8. 8
     
     
     
     
  9. 9
     
     
     
     
  10. 10