Mozambique to give its position on the revised budget of TotalEnergies Liquefied Natural Gas project later

A government spokesperson stated that the cabinet of Mozambique met on Tuesday but did not express a position regarding the revised budget and schedule for TotalEnergies' mammoth project to produce liquefied gas in the country. The view will be expressed later.

French oil major told Mozambique president, on Friday, that the Mozambique LNG Consortium estimated their costs to have risen by $4.5billion in the four-year period the project was on hold due to an islamist militant attack 2021.

TotalEnergies, along with its partners, wants to extend the period of development and production by 10 years.

The consortium will begin construction on the project, whose cost was originally estimated at $20 billion, if the cabinet approves these new terms.

After the cabinet meeting, the spokesperson said that the position of the government would be made clear. He added that it was important for Mozambique's gas projects to start up.

The spokesperson didn't say when the cabinet was expected to discuss the new budget and timetable.

(source: Reuters)