The government of Mozambique has offered a US$2.25bn state guarantee to the US$20bn Mozambique LNG project in lieu of an immediate equity contribution from the state-owned National Hydrocarbon Company (ENH). In May 2020, the Export-Import Bank of the United States amended and reduced by US$300m its previously approved US$5bn loan to support the export of US good and services related to the development the Mozambique LNG project. With this amendment, the US Exim Bank’s financing, now of US$4.7bn, will also cover the offshore scope of the project related to the development of the Golfinho/Atum gas fields which will supply the LNG plant.
The project is owned by Total (26.5%, stake acquired from Anadarko in October 2019), Mitsui (20%), ENH (15%), Beas Rovuma Energy Mozambique (10%), OVL (10%), BPRL Ventures Mozambique (10%), and PTTEP (8.5%). The project is the first LNG development in Mozambique and includes the construction of two liquefaction trains with a combined capacity of 12.88 Mt/year, with commercial operations expected to start by 2024.