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Mozambique Offshore Area-1 consortium confirms LNG project financing

Friday, 17 Jul 2020

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Oil India, a national oil company of India, announced Rovuma Offshore Area-1 consortium (Area-1), led by TOTAL have finalised the Mozambique LNG senior debt financing of USD 14.9 billion for the two train LNG projects on 15 July 2020.

The JV had earlier approved the Final Investment Decision (FID) on 18 June 2019.

The senior debt financing comprises ECA direct loans (UKEF, US EXIM, JBIC and Thai EXIM), ECA covered facilities (UKEF, Atradius, ECIC, SACE and NEXI), commercial bank facilities, and a loan facility with the African Development Bank.

The project expects to achieve financial closure in Q4/20.

Total E&P Mozambique Area-1, a wholly-owned subsidiary of Total SA, operates Offshore Area-1 with 26.5 percent working interest.

Co-ventures include ENH Rovuma Area Urn, SA (15 percent), Mitsui E&P Mozambique Area-1 (20 percent), ONGC Videsh Rovuma (10 percent), Beas Rovuma Energy Mozambique (10 percent), BPRL Ventures Mozambique (10 percent), and PTTEP Mozambique Area-1 (8.5 percent).