TotalEnergies plan to restart LNG project is a positive for the energy minister of Mozambique
Mozambique’s energy minister stated on Friday that the government had not received a formal request from TotalEnergies for the lifting of a declaration of force majeure on the $20 billion liquefied gas (LNG), project in the country. However, he was optimistic about TotalEnergies' plan to restart its development during the summer. After meeting with Japan's Industry Minister, Muto Yoji, Estevao Palae, the Minister of Mineral Resources and Energy, told reporters that force majeure would be lifted once conditions were in place for the project to resume operation.
Eni, YPF Sign Agreement On Argentina LNG Project
Italian energy group Eni and Argentina's YPF on Friday signed an agreement on the Argentina LNG (ARGLNG) project during a meeting in Rome between Italian Prime Minister Giorgia Meloni and Argentine President Javier Milei.Eni will act as a strategic partner of YPF on the Argentina LNG project and make use of the know-how it has developed in its floating LNG projects in Congo and Mozambique, the Italian group said in a statement.The Argentina LNG project is designed to develop the resources of the onshore Vaca Muerta field and serve international markets.
South Africa offers to buy US LNG in order to seek trade deals
According to a statement on the website of the South African government's news agency, South Africa offered to purchase liquefied gas from the United States for a period of 10 years as part proposals to secure a deal. The document signed by Minister of the Presidency Khumbudzo Ntshavheni, and posted on Sunday night, stated that South Africa intends to import 75-100 petajoules (roughly 75 to 100 millions cubic feet) of LNG from the United States each year, which is the world's largest LNG exporter.
South Africa offers to buy US LNG in order to seek trade deals
According to a statement on the website of the South African government's news agency, South Africa offered to purchase liquefied gas from the United States for a period of 10 years as part proposals to secure a deal. The document signed by Minister of the Presidency Khumbudzo Ntshavheni, and posted late Sunday night, stated that South Africa intends to import 75-100 petajoules (roughly 75 to 100 millions cubic metres) of LNG from the United States each year, which is the world's largest LNG exporter.
WGC-TotalEnergies CEO wants to lift the force majeure on Mozambique Liquefied Natural Gas project
TotalEnergies, said Chief Executive Patrick Pouyanne on Tuesday, will ask Mozambique for its approval to lift the force majeure on their $20 billion liquefied gas (LNG), project in Mozambique and resume construction before mid-summer. The project has been covered by force majeure due to insurgent attacks since 2021. It includes the development of the Golfinho, Atum and Offshore Area 1 natural gas fields, as well as the construction of a two train liquefaction facility.
TotalEnergies is facing a French manslaughter investigation over an attack in Mozambique
TotalEnergies said that French prosecutors opened an investigation against it over a potential manslaughter, and for failing to help people in danger in a Mozambique jihadist attack. The energy company reiterated its denial of any wrongdoing. In March 2021, islamist insurgents attacked Palma, a port city in Spain, and killed many civilians near TotalEnergies-owned gas infrastructure projects in Mozambique. In late 2023, survivors and families of victims lodged…
US loans TotalEnergies almost $5 billion for Mozambique's gas project. FT reports
Financial Times reported that the Trump administration released nearly $5 billion to fund a project in Mozambique by France's TotalEnergies for liquefied gas (LNG). Estevao Palae, Mozambique’s Minister for Energy, told Financial Times that the U.S. Export-Import Bank has reapproved a loan of $4.7 billion for the project. Before lifting the force majeure that has been in effect since 2021, you must obtain re-approvals for loans from the United States and UK export credit agencies, as well as the Dutch Export Credit Agency.
TotalEnergies CEO: US funding for Mozambique LNG Project expected in the coming weeks
TotalEnergies CEO Patrick Pouyanne stated on Wednesday that the financing for the $20 billion Mozambique Gas Project is expected to be approved by the United States in the coming weeks. Other credit agencies will follow in the following months. The company must wait for the reapproval of loans from the United States and UK export credit agencies, before it can lift the force majeure that has been placed on the project since 2021. Pouyanne, speaking to journalists following the release of fourth-quarter earnings reported by his company…
Mozambique President discusses LNG and hydro projects with TotalEnergies CEO
Patrick Pouyanne (CEO of TotalEnergies) met Mozambique President Daniel Chapo on Monday. The two discussed several projects of the company in the southern African nation, including the long-delayed development of liquefied gas worth $20 billion. The French oil major confirmed last week that the force majeure on the project had not yet been lifted. This pushed back the deadline for Mozambique LNG to start construction in 2024. It was originally scheduled to begin gas production by 2029.
President Mozambique says that the country is not interested in reviewing terms of LNG projects.
Mozambique's new president stated on Friday that it is not interested in reviewing contract terms with energy giants such as TotalEnergies or ExxonMobil, who plan multi-billion dollar liquefied gas projects for the country. Daniel Chapo, the leader of the long-ruling Frelimo Party, took office on Tuesday after months of protests by opposition groups against his disputed electoral victory. Civil society groups claim that more than 300 people were killed. The government…
Australia shares are up; banks offset mining and energy stock losses
Investors took their cues from Wall Street's performance and boosted Australian shares for the fourth consecutive day. Gains in banks offset losses in energy and mining stocks. By 2338 GMT, the S&P/ASX 200 Index had risen 0.4% to 8,289.1 point. The benchmark closed Monday 0.1% higher. S&P 500, Nasdaq Composite and Dow Jones rose on Monday due to a rally of semiconductor stocks. A report also suggested that the Trump administration would be less aggressive in its tariff policy.
Australia shares are dragged down by mining and bank stocks; local job data is in focus
Investors remained cautious as they awaited the local jobs data, which is due on Thursday. This will be a crucial metric for gauging the central bank’s timeline to cut rates. S&P/ASX 200 Index fell 0.3% at 8372.1 points as of 1124 GMT. The benchmark index fell by 0.4% on Monday. Investors in Australia will assess local jobs data scheduled to be released on Thursday to gain additional insight into the Reserve Bank of Australia (RBA's) monetary policies timeline. The central bank maintained the cash rate at 4.35%, but lowered its hawkish position on Tuesday.
French and Benelux stocks: Factors to watch
Here are some company news and stories that could impact the markets in France and Benelux or even individual stocks. Documents dated Monday show that funds managed by Brazilian investment firm BTG Pactual were granted preliminary approval Friday by the country's antitrust regulatory body to purchase the hotel operations in Brazil of AccorInvest for 1.7 billion reais (300 million dollars). FDJ stated that it would retain 98.60% Kindred following the extension of the public tender offer.
Mozambique's election is likely to be tense, with the ruling party winning.
Mozambique will vote on Wednesday, in a highly charged general election that is likely to result in victory for the ruling Frelimo party, which has governed this Southern African nation since its founding in 1975. Four candidates are in the running to replace President Filipe Nyusi who is leaving office after two terms. Daniel Chapo is the favourite, a 47-year-old lawyer who is a popular choice among businessmen and seen as a new face for the party. He is up against Venancio Montdlane…
Mozambique's election winner faces financial strain
The economy of Mozambique will be impacted by the worsening cyclones and insecurity as well as delays to gas projects, high debt levels, and delayed gas projects. Daniel Chapo, the candidate of the ruling party, is currently the frontrunner. However, there are also three other candidates who want to succeed Felipe Nyusi in the role of president for the nation. Mozambique is under pressure to adopt fiscal discipline due to rising borrowing costs, especially as it has run out of options for refinancing its debt. Its debt is almost as large as its annual GDP.
The front-runner for Mozambique president is likely to continue keeping Rwandans on the job of protecting gas sites
Analysts say that the ruling party candidate for this month's election, who is almost guaranteed to win, will continue to rely on Rwanda's army and European money in order to secure the region's vast gas fields, which are plagued by islamist violence. Daniel Chapo (47), an ex-highschool teacher, will be overseeing the construction of two LNG projects that are currently halted due to insecurity in the northern Cabo Delgado Province. In order to achieve this, he will need to heavily rely on the Rwandan military…
TotalEnergies CEO to meet Mozambique President to advance project in the country
TotalEnergies' CEO Patrick Pouyanne announced that he would be traveling to Mozambique in the latter part of this month to discuss the planned Mozambique Liquefied Natural Gas project with the new president. Pouyanne stated that there has been recent "progress in security". On Oct. 9, Mozambicans are voting in presidential and legislative polls that will almost certainly extend the Frelimo Party's 50-year reign of power. The party is fighting a longstanding Islamist insurgency at one of Africa's biggest gas fields.
What are the main issues in Mozambique's elections?
Next week, Mozambicans are voting in legislative and presidential elections. It is almost certain that the Frelimo Party will extend its half-century in power. The party has been fighting a longstanding Islamist insurgency within one of Africa's biggest gas fields. Daniel Chapo is the candidate of the ruling party and a former law professor. He will replace Filipe Nyusi, who was previously a radio announcer. Here are the key issues that face one of the poorest countries in the world and its 34 million citizens as they head to elections.
TotalEnergies denies knowing about alleged torture and killings at Mozambique Liquefied Natural Gas site
PARIS, September 26 - French oil giant TotalEnergies responded to a report in the media by saying that it was unaware of the torture and killings allegedly committed on site of the future Mozambique Liquefied Natural Gas plant. Politico reported earlier Thursday that Mozambican soldiers working out of this site, which has not been completed, had rounded up 180 to 250 local men and locked them inside shipping containers. They then tortured them and killed the majority of them from July through September 2021.
Exxon Mobil Continues to Ramp Up LNG Portfolio
Exxon Mobil is ahead of schedule with its plan to double the size of its liquefied natural gas (LNG) portfolio to 40 million tons per annum (mtpa) by 2030 and will focus on selling its own gas rather than trading that of third parties, said Peter Clarke, Exxon Mobil SVP for global LNG.Exxon is revamping its LNG trading strategy amid growing production of the fuel and as part of a wider corporate reorganization that began in 2022. Unlike other majors, Exxon plans to mainly trade its own gas, said Clarke.
