Mozambique LNG project financing signed

Total has announced the signing of a $14.9bn senior debt financing agreement for the Mozambique LNG project, less than one year after assuming the role of operator on the project.

Mozambique’s first onshore LNG project, it includes the development of the Golfinho and Atum natural gas fields located in the Offshore Area 1 concession and the construction of a two-train liquefaction plant with a total capacity of 13.1mn t/y.

Mozambique LNG represents a total post-FID investment of $20bn. The $14bn project financing is the biggest ever in Africa and includes direct and covered loans from eight export credit agencies (ECAs), 19 commercial bank facilities and a loan from the African Development Bank. 

Total E&P Mozambique Area 1 operates Mozambique LNG, with a 26.5% participating interest, alongside ENH Rovuma Área Um (15%), Mitsui E&P Mozambique Area 1 (20%), ONGC Videsh Rovuma (10%), Beas Rovuma Energy Mozambique (10%), BPRL Ventures Mozambique (10%) and PTTEP Mozambique Area 1 (8.5%).