News Post
Total aiming for two additional LNG trains in Mozambique LNG
French energy major Total aims to expand its Mozambique liquefied natural gas (LNG) project with two additional trains, or plants, where the gas is supper-chilled for easier transport, a company executive said on Tuesday.
"We're starting to look at studies for train 3 and train 4, because the resources are clearly there to develop," Mike Sangster, head of Total Exploration and Production for Nigeria, told an oil conference in Cape Town, South Africa.
Total concluded the acquisition of Anadarko's 26.5% interest in the Mozambique LNG project for $ 3.9 billion in September as part of its takeover of Anadarko's Africa assets that included projects in Ghana and Algeria.
Sangster added that the company expected to close its acquisition of Anadarko assets in Ghana and Algeria early next year once regulatory approvals were cleared.
The firm said in September the Mozambique project included the construction of a two-train liquefaction plant with a capacity of 12.9 million tonnes per year.
Sangster said costs for Mozambique were "very competitive" with good terms.
The firm has said 90% of Mozambique LNG was already sold under long-term contracts largely indexed to the oil price.
Jean-Pierre Sbraire, Total's Chief Financial Officer, said in a call with analysts during the company's third quarter results that "Mozambique LNG was a jewel" in its acquisition of Anadarko's Africa assets.
Source: Reuters
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