Mozambique LNG project is the country’s first onshore LNG development. It includes the development of the Golfinho and Atum natural gas fields located in Offshore Area 1 concession and the construction of a two-train condensate plant with a total annual capacity of 13.1 million tonnes.
Mozambique LNG represents a total post-FID investment of US$20bn. The project financing amounts to US$14.9bn, largest in Africa. It involves direct and covered loans from eight Export Credit Agencies (ECAs), 19 commercial bank facilities, and a loan from the African Development Bank.
The ECAs involved in the financing include Export-Import Bank of the United-States (US-Exim), Japan Bank for International Corporation (JBIC), Nippon Export and Investment Insurance (NEXI), UK Export Finance (UKEF), Servizi Assicurativi del Commercio Estero of Italy (SACE), Export Credit Insurance Corporation of South Africa (ECIC), Atradius Dutch State Business (Atradius), Export-Import Bank of Thailand (EXIM Thailand).
“The signing of this large-scale project financing, less than one year after Total assumed the role of operator of Mozambique LNG, represents a significant achievement and a significant milestone for the project, Jean-Pierre Sbraire, the chief financial officer of Total, said.
“It demonstrates the confidence placed by the financial institutions in the long-term future of LNG in Mozambique. This major milestone was reached thanks to the dedication of the Mozambique authorities and the financial partners of the project.”
Total E&P Mozambique Area 1 Limitada, a wholly-owned subsidiary of Total SA, operates Mozambique LNG with a 26.5 per cent participating interest alongside ENH Rovuma Área Um, SA (15%), Mitsui E&P Mozambique Area1 Limited (20%), ONGC Videsh Rovuma Limited (10%), Beas Rovuma Energy Mozambique Limited (10%), BPRL Ventures Mozambique BV (10%), and PTTEP Mozambique Area 1 Limited (8.5 %).
