In front of American investors gathered in New York on Wednesday October 2, the boss of TotalEnergies Patrick Pouyanné addressed a large number of subjects, including that of the large liquefied natural gas project in Mozambique.
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The gas project led by TotalEnergies in Mozambique was interrupted in 2021 following a jihadist attack. The additional costs incurred by the project’s nearly three-year shutdown period were estimated at $3.5 billion and validated by the subcontractors. An additional burden which does not prevent the project from being profitable, underlines Patrick Pouyanné, the boss of TotalEnergies.
On the security side in the region: the boss of TotalEnergies highlights the importance of the authorities’ alliance with the Rwandan army. Patrick Pouyanné is planning a trip to the country at the end of the month, once the presidential elections have passed. Objective: find out more about the intentions of the new Mozambican president regarding this agreement.
TotalEnergies hopes to start production in 2029
There remains the question of financing the project. When Total acquired the assets of the American company Anadarko in 2019, a $14 billion package was concluded. Today, 70% to 80% of the investment has been confirmed, assures Patrick Pouyanné. However, the oil company is still waiting for the green light from three financial organizations. For some, investment policies in fossil fuels have evolved. But the boss of TotalEnergies plays down the drama: everyone repeats that they are bound by the contract they signed at the time.
TotalEnergies hopes to relaunch the project by the end of the year for the start of production in 2029: a project qualified as “ gigantic carbon bomb » by NGOs and which will contribute to producing between 3.3 and 4.5 billion tonnes of CO2 equivalent during its life cycle, i.e. more than the annual greenhouse gas emissions of the entire European Union, they emphasize.
The process of relocating populations and security issues in general in the region are also regularly highlighted by organizations. A resumption of TotalEnergies’ activities encouraged by a report commissioned from former ambassador Jean-Christophe Rufin as well as by the Mozambican authorities.
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