• 2 minutes California to ban gasoline for lawn mowers, chain saws, leaf blowers, off road equipment, etc.
  • 6 minutes China and India are both needing more coal and prices are now extremely high. They need maximum fossil fuel.
  • 11 minutes Europeans and Americans are beginning to see the results of depending on renewables.
  • 19 hours Monday 9/13 - "High Natural Gas Prices Today Will Send U.S. Production Soaring Next Year" by Irina Slav
  • 1 min GREEN NEW DEAL = BLIZZARD OF LIES
  • 23 hours "Here is The Hidden $150 Trillion Agenda Behind The "Crusade" Against Climate Change" - Zero Hedge re: Bank of America REPORT
  • 51 mins Did China cherry-pick the factors that affected the economic slow-down?
  • 3 days Is China Rising or Falling? Has it Enraged the World and Lost its Way? How is their Economy Doing?
  • 2 days U.S. : Employers Can Buy Retirement Security for $2.64 an Hour
  • 5 days "A Very Predictable Global Energy Crisis" by Irina Slav --- MUST READ
  • 3 days Nord Stream - US/German consultations
  • 409 days Class Act: Bet You've Never Seen A President Do This.
  • 5 days An Indian Opinion on What is Going on in China
  • 2 days Forecasts for Natural Gas
  • 2 days Australia sues Neoen for lack of power from its Tesla battery
  • 5 days Storage of gas cylinders
  • 5 days Can Technology Keep Coal Plants Alive and Well?
Putin: $100 Oil Is “Quite Possible”

Putin: $100 Oil Is “Quite Possible”

Asked by CNBC’s Hadley Gamble…

Mozambique Signs Pact With Oil Major Total To Boost Security At LNG Project

France's Total has signed a pact with the government of Mozambique to bolster security for a US$20-billion liquefied natural gas (LNG) development the energy group leads in the African country, which has seen renewed militant attacks in recent weeks.

A terrorist organization affiliated with Islamic State has claimed responsibility for dozens of attacks in Mozambique over the past months, including in the Cabo Delgado province, which is home to the LNG project Total is developing.

The Mozambique LNG Project, for which the US$20-billion Final Investment Decision (FDI) was taken in 2019, is on track to deliver LNG in 2024, Total says.

In June, gunmen killed eight workers from a firm subcontracted by Total to work on its LNG project in Mozambique, yet Total is not giving up on the project, nor are other companies.

The security pact between Total and the Mozambique government "bolsters security measures and endeavours to create a safe operating environment for partners like Total which enables their ongoing investment in Mozambican industry," Ernesto Elias Tonela, Mozambique's minister of mineral resources and energy, said in the statement as carried by Reuters.

Last month, Total secured as much as US$16 billion in funding for its LNG project in Mozambique despite the supply glut and demand decline in the LNG market.

The considerable financing agreement "shows continued progress on project implementation despite security challenges and lower medium-term hydrocarbon prices, raising the prospect of significant positive effects on Mozambique's growth and public finances in the longer run," Fitch Rating said after Total secured the funding.

While Total secured financing for its project, U.S. supermajor ExxonMobil delayed the FID on its US$30-billion LNG project Rovuma to next year, due to low commodity prices and Exxon's need to cut investments globally. This will delay the start of production by one or two years, to around 2025-2026, Fitch says.

By Tsvetana Paraskova for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage



Leave a comment

Leave a comment

EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News