TotalEnergies Restarts Mozambique LNG Project, Extends Libya Concessions, and Expands Namibia Presence

summarizeSummary

TotalEnergies SE announced a series of significant strategic developments, most notably the full restart of its major Mozambique LNG project and the extension of its Waha Concessions in Libya, which is expected to add substantial production.

check_boxKey Events

• Mozambique LNG Project Restart

  TotalEnergies announced the full restart of all activities for the major Mozambique LNG project, with first LNG expected in 2029, following the lifting of Force Majeure declared in 2021.

• Libya Waha Concessions Extended

  The Waha Concessions in Libya have been extended until 2050, paving the way for new investments including the North Gialo field development, expected to add 100,000 barrels of oil equivalent per day (boe/d).

• Strategic Namibia Partnership

  TotalEnergies and Galp reinforced their long-term commitment to Namibia, with TotalEnergies becoming operator of PEL 83 (Mopane discoveries) and plans for a potential final investment decision for the Venus project in 2026.

• Nigeria Oil Asset Divestment

  TotalEnergies signed an agreement to divest its 10% non-operated interest in 15 oil-producing licenses in Nigeria, while retaining full economic interest in gas-producing licenses.

auto_awesomeAnalysis

This 6-K filing details multiple positive strategic developments that significantly enhance TotalEnergies' long-term growth prospects and operational stability. The full restart of the Mozambique LNG project, a multi-billion dollar venture previously stalled by force majeure, is a critical milestone that de-risks a major asset and positions the company as a key LNG exporter. Concurrently, the extension of the Waha Concessions in Libya until 2050, coupled with plans to add 100,000 boe/d through new investments, secures substantial long-term production. The company is also expanding its footprint in the promising Orange Basin in Namibia through a strategic partnership with Galp, with plans for further exploration and a potential final investment decision for the Venus project in 2026. These developments, alongside a strategic divestment of certain Nigerian oil assets and the establishment of a new trading joint venture in Bahrain, underscore TotalEnergies' active portfolio management and commitment to both traditional and new energy growth areas.