Total says Mozambique LNG project is making progress despite insurgency

Total

Oil and gas giant, Total said it was making progress with its US20 billion natural gas (LNG) project in Mozambique, despite growing Islamist insurgency problems in the region.

The company called on European nations to help Mozambique tackling the conflict in the country’s north, which has raised fears for stability and security in southern Africa.

“The situation is serious,” Total Chairman and Chief Executive Patrick Pouyanne told reporters at an event on Thursday. “The project has so far progressed … it’s a major one for the country.” (Marketscreener.com reports)

Earthworks at Mozambique LNG have progressed, and a landing strip as well as jetties for boats have been built, Pouyanne said.

Mozambique LNG, the biggest private investment in Africa, is due to be completed in 2024. Total bought a 26.5% stake in the project for USD3.9 billion in 2019.

The project is one of Total’s biggest projects to boost its production of liquefied natural gas in the second part of the decade, alongside operations in the U.S., Russia and Papua New Guinea