TotalEnergies indefinitely postpones Mozambique LNG project

TotalEnergies has further postponed its $20 billion liquefied natural gas (LNG) project in Mozambique due to ongoing security concerns and political instability in the Cabo Delgado region. Originally set to restart by the end of 2024, the timeline has now been pushed back, jeopardizing the company's goal of commencing production by 2029. The project has been on hold since 2021 following a jihadist attack and subsequent violence, including recent unrest linked to a contested presidential election. TotalEnergies has declared force majeure and emphasizes the need for peace and public services to resume operations. The company is also facing financial challenges, reporting significant impairment charges related to its other ventures. The broader implications of the delays raise concerns about the future of Mozambique's largest foreign direct investment initiative.