TotalEnergies CEO Patrick Pouyanne just made a big splash. The firm is targeting a 2029 start for production of liquefied natural gas (LNG) at its $20 billion Mozambique LNG project. This project is viewed as an important part of realizing greater energy security across all of Asia. The timing of the announcement was during the unexpected setpiece interview with Nikkei Asia the morning of June 18, in Tokyo.
The $20 billion Mozambique LNG project was delayed due to violence perpetrated by Islamic insurgents. We’ve since made Avenue the best it can be, and it’s now set to relaunch this summer! Then, according to Pouyanne, the security situation in Mozambique has improved to create a more secure operating environment for the project. He expressed confidence in the project’s potential to offer buyers risk diversification alongside the advantage of short sea routes for LNG transport.
TotalEnergies, the French oil major, is eagerly pushing the project along. Most recently, it received key financing from the United States, which bolsters the country’s commitment to the initiative. The company’s investment reflects its strategic interest in tapping into the growing energy demands in Asia, where LNG is increasingly becoming a vital resource.
Pouyanne shone a light on the project’s benefits, such as risk diversification and logistical advantages. He said the Mozambique LNG project would do a tremendous amount to help meet energy demands in Asia. No matter the project, TotalEnergies is being ambitious and proactive to position itself to meet future market demands. They expect to be running trains before the end of this decade.
Despite the cautions, TotalEnergies recently declared force majeure and is still advancing the Mozambique LNG project. This important decision is another valuable piece in its global energy portfolio, further helping the company progress through tricky geopolitical waters. The firm is beginning this effort again to help fortify its standing in the market. It seeks to be a major player in guaranteeing energy security for its Asian customers.