{"id":45692,"date":"2023-08-29T11:42:21","date_gmt":"2023-08-29T11:42:21","guid":{"rendered":"https:\/\/www.africa-press.net\/mozambique\/all-news\/gas-outlook-brighter-totalenergies-to-resume-in-2024"},"modified":"2023-08-29T11:57:55","modified_gmt":"2023-08-29T11:57:55","slug":"gas-outlook-brighter-totalenergies-to-resume-in-2024","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/mozambique\/all-news\/gas-outlook-brighter-totalenergies-to-resume-in-2024","title":{"rendered":"Gas outlook brighter, TotalEnergies to resume in 2024"},"content":{"rendered":"

Africa-Press – Mozambique. <\/strong><\/span>Consulting firm BMI said on Wednesday that the outlook for natural gas projects in Mozambique is improving, despite the delay in the resumption of work in Cabo Delgado by France\u2019s TotalEnergies.<\/p>\n

\u201cThe outlook for megaprojects in Mozambique is improving, with progress being made on the resumption of projects,\u201d BMI analysts wrote in a note on the natural gas sector in this African country.<\/p>\n

\u201cTotalEnergies has taken several steps to restart the project, following the violence in 2021, which forced the company to declare \u2018force majeure\u2019 and suspend construction activities\u201d of the plant that will liquefy the gas, allowing it to be exported.<\/p>\n

In the analysis sent to investors and to which Lusa has had access, the analysts from this consultancy, owned by the same people as the financial rating agency Fitch Ratings, said that TotalEnergies should restart work in the first half of next year after renegotiating contracts with local contractors.<\/p>\n

\u201cThe final consideration for relaunching the project is to renegotiate costs with local contractors,\u201d they write, pointing out that \u201csince the project was suspended, there have been several large price rises for raw materials, energy and labour,\u201d as well as a general increase in inflation, \u201cwhich will decrease the project\u2019s profit margins.\u201d<\/p>\n

Despite the increase, the CEO of TotalEnergies, Patrick Pouyanne, \u201cconfirmed that none of the old gas buyers had exercised their right to leave the project and indicated that there continues to be strong demand even if they leave\u201d.<\/p>\n

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

Two of these projects are larger and involve channelling the gas from the seabed to land, cooling it in a plant to export it by sea in a liquid state. One is led by TotalEnergies (Area 1 consortium), and work progressed until it was suspended indefinitely after an armed attack on Palma in March 2021, when the French energy company declared that it would only resume work when the area was safe.<\/p>\n

The other is the still unannounced investment led by ExxonMobil and Eni (Area 4 consortium).<\/p>\n

A third completed and smaller project, the Coral FLNG project, also belongs to the Area 4 consortium and consists of a floating platform for capturing and processing gas for export directly at sea, which started up in November 2022.<\/p>\n

\u201cFor 2023, we anticipate that gas production in Mozambique will rise 47% to 9.27 bcm [billion cubic metres], up from 6.31 bcm in 2022,\u201d the analysts estimate, stressing that the outlook is for gas production to reach 44.1 bcm in 2032, which has the potential to transform the Mozambican economy not only due to local development but also due to the strong flow of state revenue from these projects.<\/p>\n

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

Africa-Press – Mozambique. Consulting firm BMI said on Wednesday that the outlook for natural gas projects in Mozambique is improving, despite the delay in the resumption of work in Cabo Delgado by France\u2019s TotalEnergies. \u201cThe outlook for megaprojects in Mozambique is improving, with progress being made on the resumption of projects,\u201d BMI analysts wrote in […]<\/p>\n","protected":false},"author":84,"featured_media":45691,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,5],"tags":[233,281,283],"class_list":["post-45692","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":"\nGas outlook brighter, TotalEnergies to resume in 2024 - Mozambique<\/title>\n<meta name=\"description\" content=\"Consulting firm BMI said on Wednesday that the outlook for natural gas projects in Mozambique is improving, despite the ...\" \/>\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\/gas-outlook-brighter-totalenergies-to-resume-in-2024\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Gas outlook brighter, TotalEnergies to resume in 2024\" \/>\n<meta property=\"og:description\" content=\"Consulting firm BMI said on Wednesday that the outlook for natural gas projects in Mozambique is improving, despite the ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/mozambique\/all-news\/gas-outlook-brighter-totalenergies-to-resume-in-2024\" \/>\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=\"2023-08-29T11:42:21+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-08-29T11:57:55+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/mozambique\/sites\/64\/2023\/08\/sm_1693293844.224574.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"744\" \/>\n\t<meta property=\"og:image:height\" content=\"496\" \/>\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=\"3 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\/gas-outlook-brighter-totalenergies-to-resume-in-2024#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/mozambique\/all-news\/gas-outlook-brighter-totalenergies-to-resume-in-2024\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/mozambique\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"Gas outlook brighter, TotalEnergies to resume in 2024\",\"datePublished\":\"2023-08-29T11:42:21+00:00\",\"dateModified\":\"2023-08-29T11:57:55+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/mozambique\/all-news\/gas-outlook-brighter-totalenergies-to-resume-in-2024\"},\"wordCount\":473,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/mozambique\/all-news\/gas-outlook-brighter-totalenergies-to-resume-in-2024#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/mozambique\/sites\/64\/2023\/08\/sm_1693293844.224574.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\/gas-outlook-brighter-totalenergies-to-resume-in-2024#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/mozambique\/all-news\/gas-outlook-brighter-totalenergies-to-resume-in-2024\",\"url\":\"https:\/\/www.africa-press.net\/mozambique\/all-news\/gas-outlook-brighter-totalenergies-to-resume-in-2024\",\"name\":\"Gas outlook brighter, TotalEnergies to resume in 2024 - 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