The Export-Import Bank of the United States has 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 US$20bn 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.
In October 2019, Total has completed the acquisition of Anadarko's 26.5% operated interest in the Mozambique LNG project for US$3.9bn. 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. The project is owned by Total (26.5%), Mitsui (20%), OVL (10%), Mozambique's oil company ENH (15%), Beas Rovuma Energy Mozambique (10%), BPRL Ventures Mozambique (10%), and PTTEP (8.5%).
The transaction was announced in May 2019, when US oil and gas producer Occidental Petroleum offered to acquire Anadarko Petroleum, and entered into a binding agreement to sell Anadarko’s assets in Algeria, Ghana, Mozambique and South Africa to Total for US$8.8bn, contingent upon Occidental entering into and completing its proposal to acquire Anadarko. The Mozambique government expects the takeover of Anadarko by Occidental Petroleum to raise US$880m in capital gains tax.