Lion’s share of lenders reaffirms backing: TotalEnergies’ Mozambique LNG moves forward post‑force majeure

France’s energy giant TotalEnergies has shed more light on the financing of its multibillion-dollar liquefied natural gas (LNG) project off the coast of Mozambique in the wake of the UK Export Finance (UKEF) and Atradius exits. The project is getting back into the groove after a years-long hiatus.

TotalEnergies placed the Mozambique LNG project on the shelf, declaring force majeure in April 2021 in the aftermath of insurgent attacks that occurred close to the construction camp, which halted the development following an evaluation of the security situation in the north of Cabo Delgado province.

The move placed the development and start-up of the LNG project on hold. Given President Donald Trump’s zest to unleash U.S. energy dominance and the key role LNG plays in this vision, the U.S. Export-Import Bank of the United States (U.S. EXIM) board approved a $4.7 billion loan for the Mozambique LNG project.

Following the announcements made by the UK and Dutch authorities regarding the involvement of their export credit agencies, UK Export Finance (UKEF) and Atradius, in the