Mozambique News

 

Sasol Returns Exploration License Offshore Mozambique

Jul 06, 2020

South African petrochemicals giant Sasol Ltd has opted to give up its license to explore for gas off the Mozambique coast, the company said on Sunday.'Sasol will return Block 16/19 in its entirety to the Government of Mozambique. To this end…

Oxy Plans $9B Writedown on Bleak Oil Price Outlook

Jun 26, 2020

Occidental Petroleum Corp will write down the value of its oil and gas properties by up to $9 billion this quarter and restructure some debts to avoid a possible default, the company said on Thursday.The U.S. oil producer is trying to shed nearly…

Woodmac: How has the Price Crash Changed the Upstream Sector?

Jun 25, 2020

According to Wood Mackenzie’s analysis, the oil price crash wiped US$1.6 trillion off the valuation of the global upstream industry.Andrew Pearson, vice president, upstream, said: 'This figure captures the impact of Wood Mackenzie’s downgraded…

Offshore Drillers Facing Second Wave of Bankruptcies

Jun 24, 2020

The companies that operate offshore drilling rigs for major oil producers face a second wave of bankruptcies in four years amid a historic drop in energy prices that likely will leave surviving drillers more closely tied to big oil firms.A collapse of the offshore industry will have broad impact…

Mozambique LNG Gets $2.25B Gov't Funding Guarantee

Jun 22, 2020

Partners in Mozambique LNG, the $20 billion gas project led by Total, have received a $2.25 billion guarantee from the government that it will pay the state oil company's equity share if required, Portugal's Lusa news agency said.Carlos Zacarias…

Mozambique Expects Exxon Rovuma FID in 2021

Jun 04, 2020

Mozambique's National Petroleum Institute expects Exxon Mobil's final investment decision on a $30 billion gas project in the north of the country in 2021, it said on Wednesday, though the U.S. company dismissed this as speculation.'The final…

RMB Confirms Total's $15B Funding for Mozambique LNG Project

May 28, 2020

South Africa's Rand Merchant Bank (RMB) confirmed on Thursday that it is part of a consortium of banks providing $15 billion funding for French energy major Total's Mozambique liquefied natural gas (LNG) project.Sources told Reuters last week that Total had secured $14…

First Topside Module Lifted on Coral South FLNG Hull

May 27, 2020

Eni-operated Coral South FLNG project is making progress with the first topside module installed aboard the hull of the under-construction FLNG unit destined to develop offshore gas fields in Area 4 of the Rovuma Basin, Mozambique.Coral FLNG SA…

Total Secures $14.4 Bln Funding for Mozambique LNG

May 20, 2020

French energy major Total has secured $14.4 billion funding for its Mozambique liquefied natural gas project in Mozambique, two sources said on Wednesday.A source with knowledge of the matter said Total has reached a financing agreement with…

EXIM Bank Amends Mozambique LNG Loan. Earmarks $1.8B for Offshore Work

May 18, 2020

The U.S. EXIM Bank has amended its previously approved September 2019 direct loan supporting U.S. exports for the development and construction of the Total-operated LNG project located on the Afungi Peninsula in northern Mozambique.The original scope of the $4…

Total Backs Out of Oxy's Ghana Assets Acquisition

May 18, 2020

French oil major Total is pulling out of the agreed acquisition of Occidental Petroleum's Ghana assets.The two companies in 2019 signed a deal whereby Total was to acquire all of the assets of Anadarko in Africa for about $8.8 billion, following the completion of Oxy's takeover of Anadarko…

W-Industries Wins Contract for Mozambique LNG Project

May 04, 2020

W-Industries, a global integrated technology and engineering solutions provider, has been awarded a significant contract by Total E&P Mozambique Area-1, Limitada, a wholly owned subsidiary of Total S.A, for its Mozambique LNG project.Since 2010…

Mozambique Army, Islamist Insurgents Battle Near Gas projects

Mar 24, 2020

Mozambican troops battled Islamist insurgents in a town in a northern town on Monday close to billion-dollar gas projects being developed by ExxonMobil and Total, police said.The General Commander of Mozambique's police, Bernardino Rafael, said…

Santos Reviewing Spending Plans. Freezes Hiring, No Mass Job Cuts Planned

Mar 17, 2020

Santos Ltd, Australia's No. 2 independent gas producer, said on Tuesday it is reviewing all its capital spending plans in light of the collapse in oil prices and would stop all new hiring.Santos had planned to spend $1.45 billion in 2020, including $500 million on major growth activities…

Air Products' Heat Exchangers for Mozambique LNG Project

Mar 13, 2020

LNG technology company Air Products has won a contract to deliver heat exchangers for the Total-operated LNG development in Mozambique.The Mozambique LNG project, previously operated by Anadarko, will be Mozambique’s first onshore LNG development…

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