Total says it’s committed to $23 billion Mozambique LNG project

By Borges Nhamire and Matthew Hill on 8/19/2019

MAPUTO (Bloomberg) - Total is committed to developing the Mozambique natural gas project that it will take over from Anadarko Petroleum as part of its expansion in Africa, the company said.

The project, to cost as much as $23 billion to develop, will be Africa’s biggest single investment, and Mozambique is counting on it to transform the economy. The southeastern country is one of the world’s poorest, and needs resources to adapt to extreme weather after two powerful cyclones in the same season this year.

“I would like to reaffirm the importance of Mozambique LNG for Total, where we will become the operator,” Patrick Pouyanné, Chief Executive Officer of the Paris-based oil major said Friday. “This is a unique asset which perfectly fits our strategy and our skills."

Total is set to buy all of Anadarko’s assets in Africa including oil and gas projects in Ghana and Algeria. In Uganda, Total is in talks with the government on a deal to purchase part of Tullow Oil’s stake in the Lake Albert oil project.

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