Headlines
TotalEnergies CEO says Mozambique LNG project cost still $20 billion
Published by Global Banking & Finance Review®
Posted on October 30, 2025
1 min readLast updated: January 21, 2026
Global Banking & Finance Review®
Company
Published by Global Banking & Finance Review®
Posted on October 30, 2025
1 min readLast updated: January 21, 2026
TotalEnergies CEO confirms the Mozambique LNG project budget at $20.5 billion, clarifying media misinterpretations about cost increases.
PARIS (Reuters) -French oil major TotalEnergies will be able to restart its Mozambique LNG project quickly, with a budget at $20.5 billion, CEO Patrick Pouyanne told investors on Thursday.
Pouyanne said media were incorrectly interpreting his letter to Mozambique's president, which requests approval for a cost increase of $4.5 billion related to the project's four-year freeze under force majeure.
"I want to be very clear and strong on this point, the budget was around $15.5 billion previously, $4.5 billion is what we've spent in these past years. So the total is not $25 billion but $20.5 billion," Pouyanne said.
(Reporting America Hernanez, Editing by GV De Clercq)
LNG stands for liquefied natural gas, which is natural gas that has been cooled to a liquid state for ease of storage and transport.
A budget is a financial plan that outlines expected income and expenditures over a specific period, helping organizations manage their resources effectively.
A cost increase refers to a rise in the expenses associated with a project or operation, which may impact the overall budget and financial planning.
Project management involves planning, executing, and overseeing projects to achieve specific goals within a defined timeline and budget.
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