{"id":34061,"date":"2023-02-15T05:57:43","date_gmt":"2023-02-15T05:57:43","guid":{"rendered":"https:\/\/www.africa-press.net\/mozambique\/all-news\/costs-of-mozambique-lng-project-mustnt-rise-totalenergies-warns"},"modified":"2023-02-15T06:37:17","modified_gmt":"2023-02-15T06:37:17","slug":"costs-of-mozambique-lng-project-mustnt-rise-totalenergies-warns","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/mozambique\/all-news\/costs-of-mozambique-lng-project-mustnt-rise-totalenergies-warns","title":{"rendered":"Costs of Mozambique LNG project mustn\u2019t rise, TotalEnergies warns"},"content":{"rendered":"

Africa-Press – Mozambique. <\/strong><\/span>Patrick Pouyanne, chairman and chief executive officer of French oil major TotalEnergies, says that the resumption of work in Cabo Delgado, northern Mozambique, cannot be rushed and will partially depend on costs.<\/p>\n

\u201cI\u2019m not in a hurry to restart (…). If I see the costs going up and up, we\u2019ll wait,\u201d Pouyanne warned during a telephone conversation with investors reported by financial information agency Bloomberg [see transcript below].<\/p>\n

The head of the French oil major leading the more-than US$20 billion project in northern Mozambique made it clear that the costs of the project, currently suspended due to the security situation, will be important in the decision to return to Mozambique.<\/p>\n

In addition to the project costs, namely the renegotiation of contracts with local suppliers and subcontractors, Patrick Pouyanne further stressed that the issue of human rights will also be a fundamental part of the decision.<\/p>\n

\u201cI want a clear view on these human rights issues, which is a salient issue for me,\u201d Pouyanne\u0301 said in conversation with analysts and investors, referring to the report commissioned on the human rights situation in northern Mozambique.<\/p>\n

Pouyanne\u2019s statements came about a week after his visit to the north of the country in the company of President of the Republic, Filipe Nyusi.<\/p>\n

Based on his recent visit, Pouyanne said that things are back to normal from a security point of view, and stressed that the decision [to return to work or suspend investment] is a decision of \u201call partners in the project\u201d.<\/p>\n

Pouyanne rejected the idea that there will have to be a choice between returning to Mozambique or investing in a US LNG project, saying: \u201d We are ready to finance both. We have the capacity to finance both within our $16 billion, $18 billion.\u201d.<\/p>\n

At the beginning of this month, TotalEnergies commissioned Jean-Christophe Rufin to assess the situation in Cabo Delgado and producing a report by the end of February, which will inform assessments of whether there are conditions to resume construction of the plant to liquefy natural gas extracted from the Rovuma basin 40 kilometres from the coast.<\/p>\n

Mozambique has three natural gas development projects focussed on reserves in the Rovuma basin off the coast of Cabo Delgado, ranked among the largest in the world.<\/p>\n

The two largest projects foresee piping the gas from the seabed to land before cooling it and exporting it by sea in a liquid state.<\/p>\n

One is led by TotalEnergies (Area 1 consortium), and work advanced until it was suspended indefinitely following an armed attack on Palma in March, 2021, the French energy company declaring that it would only resume work when the area was safe.<\/p>\n

Cabo Delgado province has been facing an armed insurgency for five years with some attacks claimed by the extremist group Islamic State.<\/p>\n

The insurgency has led to a military response since July 2021 with support from Rwanda and the Southern African Development Community (SADC), liberating districts next to gas projects, but new waves of attacks have emerged in the south of the region and in the neighboring province of Nampula.<\/p>\n

The conflict has already displaced one million people, according to the United Nations High Commissioner for Refugees (UNHCR), and around 4,000 deaths, according to the ACLED conflict registration project.<\/p>\n

See below the transcript of the question with Pouyanne\u0301\u2019s reply and subsequent statements on the Mozambique LNG project at TotalEnergies Q4 2022 Earnings Call , held on February 8, 2023 [highlights are ours].<\/p>\n

Jason Gabelman<\/b><\/p>\n

This is Jason Gabelman from Cowen. I have a couple of questions. The first is you press released last week that you had farmed down a position in the renewal power asset at a high multiple, but it was a low overall cash contribution, one that I wouldn\u2019t have guessed [indiscernible] the materiality of press release.<\/p>\n

It was a few hundred million dollars. And I\u2019m wondering why you decided the press release was given. The thought was you have been farming down these assets all along. And if that potentially indicates that given the market environment, you\u2019re possibly accelerating the farm downs of the developed renewable power business over the next year and what type of cash flow contribution that could bring.<\/p>\n

My second question is on the LNG portfolio. You\u2019re obviously undergoing the review in Mozambique, but there\u2019s also been some reporting that you could take a large stake, either offtake or equity in a U.S. LNG project. And I\u2019m wondering, if your case of growth in the U.S. LNG market is at all dependent on what happens in Mozambique and if you\u2019ll still continue to view the U.S. LNG market as one in which you want to grow in.<\/p>\n

Patrick Pouyanne<\/b><\/p>\n

Jason, you have a complex question, but easy to answer. First, no, there is no acceleration at all. We have always been very clear. But to reach the double-digit profitability we want to have in renewables, we\u2019ll have to integrate farm downs. It\u2019s part of the business model. This is why we have some growth capacity objectives that is 35 gigawatt growth.<\/p>\n

But at the end, we\u2019ll keep more or less half of it. This is very clear. We stated that 3 or 5 years ago when we began the strategy, and we implement it. So there is no acceleration. It came on our desk. There was some assets in France, which were part of [indiscernible] to being farmed down. It has been done in a very good way.<\/p>\n

And thanks to this farm down, we have on these assets more than a double-digit return, much better. We don\u2019t give all the details because there are also a counterpart, but that\u2019s clear. So it\u2019s \u2014 to be clear, and we have embedded in the strategies a fact that maybe we developed a 100% project. But when we farm down.<\/p>\n

And by the way, I always explain to you several times, it\u2019s not only a matter for me of profitability. It\u2019s a matter of managing the risk. I prefer to have 2x 50% of 2 projects, and 1x 100%. It\u2019s just a matter of things could happen.<\/p>\n

So that\u2019s \u2014 yes, I can tell you, by the way, it was 16x EBITDA, if somebody gives me an indication, 16x EBITDA. So I think 16x EBITDA, I can tell you, no problem. I can\u2019t continue to develop my renewable business with this type of returns of 50% of my portfolio. And this gives the cash also to recirculate the cash and risk this project. So I think it\u2019s a smart way, and we\u2019ll stick on this strategy.<\/p>\n

No, there is no link between Mozambique and the U.S. We like both. We like LNG, okay? We want to continue to grow in a growing business, which is LNG. LNG is good. LNG is international gas. LNG is a way to decarbonize the coal-fired power plants in Asia and elsewhere. So there is no fear about it.<\/b><\/p>\n

Maybe, there may be some cycles. Today, it\u2019s at the top. It could go down because we are not able in the industry, of course, to plan all the plans very smartly. We invest, but \u2014 so we are \u2014 we think that the U.S. on the long term is competitive because you have the U.S. gas price is about the lowest in the world, so $3 to $5. Even at $5 per million BTU, it will be very, very profitable. So that\u2019s the reason why.<\/p>\n

So yes, we have Cameron LNG. Yes, we have ECA in Baja, California, Phase I, which is being built, and Phase II may be in the near future. We are looking over opportunities in the U.S., and it\u2019s independently of Mozambique.<\/p>\n

Mozambique, just to make \u2014 to answer your question, I spent a day last week, Friday, a day in Cabo Delgado because my \u2014 that \u2014 my company, I said there is no way for me to envisage any restart of Mozambique as not as you don\u2019t allow me to visit Cabo Delgado. And I can travel around with a car, not an army, but alone. So we are only 3 of us, 2 cars.<\/p>\n

I want to go there. I want to check. I want, in fact, to go to see what if life is back to normal. I can tell you what I\u2019ve seen from a security point of view is good. Even life is back to normal. Villages, people are back.<\/p>\n

But it\u2019s one step. There is more steps to be done. The 2 next steps, it varies and I \u2014 because there have been some, I would say, controversies about human rights, about the \u2014 around the project, not because of us. We inherited that from Anadarko acquisition.<\/b><\/p>\n

So I want a clear view on these human rights issues, which is a salient issue for me. It\u2019s important. I have given a mission to \u2014 especially to human rights, a very well-known doctor in France, was accepted. He\u2019s making his job, so I\u2019m waiting to see his report to understand exactly what is, I would say, these \u2014 what are these issues.<\/p>\n

If there are things to be done, we\u2019ll execute the recommendation. We\u2019ll be transparent on it. We will share obviously with our partners because it\u2019s a Mozambique LNG decision to restart. It\u2019s not a TotalEnergies decision. It\u2019s \u2014 all the partners should be on board.<\/p>\n

And there is a third step, which I can use this question to deliver is that, of course, we have to reengage with the contractors. And one key condition to restart will be to maintain the costs that we had. If I see the costs going up and up, we\u2019ll wait. We have waited. We can continue to wait. And the contractors will wait as well.<\/b><\/p>\n

So I\u2019m not in a hurry in this condition to restart. Don\u2019t \u2014 so there are conditions, I think, are okay. Human rights, I need the report. Costs, we will need another report from my teams. We will \u2014 probably, I will ask them to reengage, but smoothly. No hurry.<\/p>\n

Again, I can wait on Mozambique LNG. If costs increase, we will wait, and we\u2019ll take the time. So that\u2019s where we are on these projects.<\/p>\n

So my message is positive, but it will take time. <\/b><\/p>\n

And it\u2019s not in competition with the U.S. We are ready to finance both. We have the capacity to finance both within our $16 billion, $18 billion. These are 2 good projects. It did all that \u2014 by the way, on the U.S. projects, we could say the same.<\/p>\n

What I see when we discuss with some project developers is that costs are increasing also. So it\u2019s good to rush for volumes. But if you destroy the value because costs are too high, we know what is the impact at the end, and we experience it. So that\u2019s the same for me, debate. It\u2019s more a question today on \u2014 we are very convinced by the U.S. and by the LNG market, but we need to have cost efficiency in the project.<\/p>\n

For More News And Analysis About Mozambique<\/a> Follow Africa-Press<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – Mozambique. Patrick Pouyanne, chairman and chief executive officer of French oil major TotalEnergies, says that the resumption of work in Cabo Delgado, northern Mozambique, cannot be rushed and will partially depend on costs. \u201cI\u2019m not in a hurry to restart (…). If I see the costs going up and up, we\u2019ll wait,\u201d Pouyanne […]<\/p>\n","protected":false},"author":84,"featured_media":34060,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,5],"tags":[233,281,283],"class_list":["post-34061","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","tag-africa-press","tag-africa-press-mozambique","tag-mozambique"],"yoast_head":"\nCosts of Mozambique LNG project mustn\u2019t rise, TotalEnergies warns - Mozambique<\/title>\n<meta name=\"description\" content=\"Patrick Pouyanne, chairman and chief executive officer of French oil major TotalEnergies, says that the resumption of wo ...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/mozambique\/all-news\/costs-of-mozambique-lng-project-mustnt-rise-totalenergies-warns\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Costs of Mozambique LNG project mustn\u2019t rise, TotalEnergies warns\" \/>\n<meta property=\"og:description\" content=\"Patrick Pouyanne, chairman and chief executive officer of French oil major TotalEnergies, says that the resumption of wo ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/mozambique\/all-news\/costs-of-mozambique-lng-project-mustnt-rise-totalenergies-warns\" \/>\n<meta property=\"og:site_name\" content=\"Mozambique\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/AfricaPressTunisiaa\" \/>\n<meta property=\"article:published_time\" content=\"2023-02-15T05:57:43+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-02-15T06:37:17+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/mozambique\/sites\/64\/2023\/02\/postQueueImg_1676428084.32.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"800\" \/>\n\t<meta property=\"og:image:height\" content=\"528\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"cfeditoren\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"cfeditoren\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"9 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.africa-press.net\/mozambique\/all-news\/costs-of-mozambique-lng-project-mustnt-rise-totalenergies-warns#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/mozambique\/all-news\/costs-of-mozambique-lng-project-mustnt-rise-totalenergies-warns\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/mozambique\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"Costs of Mozambique LNG project mustn\u2019t rise, TotalEnergies warns\",\"datePublished\":\"2023-02-15T05:57:43+00:00\",\"dateModified\":\"2023-02-15T06:37:17+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/mozambique\/all-news\/costs-of-mozambique-lng-project-mustnt-rise-totalenergies-warns\"},\"wordCount\":1875,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/mozambique\/all-news\/costs-of-mozambique-lng-project-mustnt-rise-totalenergies-warns#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/mozambique\/sites\/64\/2023\/02\/postQueueImg_1676428084.32.jpg\",\"keywords\":[\"Africa Press\",\"Africa Press-Mozambique\",\"Mozambique\"],\"articleSection\":[\"all news\",\"economy\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/mozambique\/all-news\/costs-of-mozambique-lng-project-mustnt-rise-totalenergies-warns#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/mozambique\/all-news\/costs-of-mozambique-lng-project-mustnt-rise-totalenergies-warns\",\"url\":\"https:\/\/www.africa-press.net\/mozambique\/all-news\/costs-of-mozambique-lng-project-mustnt-rise-totalenergies-warns\",\"name\":\"Costs of Mozambique LNG project mustn\u2019t rise, TotalEnergies warns - 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