Total has signed a $14.9-billion senior debt financing agreement for the Mozambique LNG project.
This is the country’s first onshore LNG development, comprising a two-train liquefaction plant with a capacity of 13.1 MM tons/yr supplied by the deepwater Golfinho and Atum fields in Area 1 in the offshore Rovuma basin.
Mozambique LNG represents a total post-FID investment of $20 billion. The project financing amounts to $14.9 billion, the biggest ever in Africa, Total claimed, and includes direct and covered loans from eight export credit agencies (ECAs), 19 commercial bank facilities, and a loan from the African Development Bank.
The ECAs participating in the financing include Export Import Bank of the United-States, 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 E&P Mozambique Area 1 Limitada, a wholly owned subsidiary of Total SA, operates Mozambique LNG with a 26.5% participating interest alongside ENH Rovuma Área Um, S.A. (15%), Mitsui E&P Mozambique Area1 Ltd. (20%), ONGC Videsh Rovuma Ltd. (10%), Beas Rovuma Energy Mozambique Ltd. (10%), BPRL Ventures Mozambique B.V. (10%), and PTTEP Mozambique Area 1 Ltd. (8.5%).