Mozambique LNG secures $15.9-billion financing
Total SE signed a $14.9-billion senior debt financing agreement for its 13.1-million tonne/year (tpy) Mozambique LNG project from eight export credit agencies (ECAs), 19 commercial bank facilities, and a loan from the African Development Bank. The liquefaction plant is expected to enter service in 2024.
The ECAs participating include Export Import Bank of the US, Japan Bank for International Corp., Nippon Export and Investment Insurance, UK Export Finance, Servizi Assicurativi del Commercio Estero of Italy, Export Credit Insurance Corp. of South Africa, Atradius Dutch State Business, and Export-Import Bank of Thailand.
Total had previously expected to receive $15-billion (R267-bn) of financing from a consortium led by South Africa-based Rand Merchant Bank (OGJ Online, June 1, 2020).
The project is the country’s first onshore LNG development. It includes development of Golfinho and Atum natural gas fields in Offshore Area 1 concession and the construction of a two-train liquefaction plant.
Total E&P Mozambique Area 1 Ltda., a wholly owned subsidiary of Total SA, operates Mozambique LNG with a 26.5% participating interest alongside ENH Rovuma Área Um SA (15%), Mitsui E&P Mozambique Area1 Ltd. (20%), ONGC Videsh Rovuma Ltd. (10%), Beas Rovuma Energy Mozambique Ltd. (10%), BPRL Ventures Mozambique BV (10%), and PTTEP Mozambique Area 1 Ltd. (8.5%).