Total Secures $15.8 Billion Funding for Mozambique LNG Project

French oil major Total has secured $15.8 billion in funding from South African lender FirstRand’s local unit, First National Bank (FNB) Mozambique, for the development of the $20 billion liquefied natural gas (LNG) Golfinho-Atum gas field in northern Mozambique.

The project involves the development of the offshore Area 1 Block of the deep water Rovuma Basin and comprises the construction of a 12.88 million tons per annum onshore LNG facility on the Cabo Delgado coast of Mozambique.

“FNB intends to enter other large natural gas projects in Mozambique, just as it entered into Total’s financing, in a consortium of 20 banking institutions that granted $15.8 billion, for which the last contracts were signed [this month],” FNB Mozambique said in a statement.

Total’s partners in the project include Mitsui, Oil India, ONGC Videsh, Bharat Petroleum, PTT Exploration, and Mozambique’s national oil and gas company Empresa Nacional de Hidrocarbonetos.

In November last year, the African Development Bank approved a loan worth $400 million to support the construction of the integrated LNG plant and a liquefaction facility in Mozambique.