TotalEnergies has confirmed that its $20 billion Mozambique LNG development in Cabo Delgado province has reached 42% completion, with more than 6,000 workers now deployed on site and first production firmly targeted for 2029 — a milestone that marks a significant acceleration since construction resumed in January following a lengthy suspension.
Speaking during the company’s first-quarter 2026 earnings call, Chief Executive Patrick Pouyanné described the decision to restart construction as strategically important, framing Mozambique as an emerging global LNG hub that will play a central role in diversifying international supply by the end of the decade. The project is one of Africa’s largest energy investments and is expected to make a substantial contribution to global LNG supply volumes once fully operational.
TotalEnergies reported a strong start to 2026, with oil and gas production rising 4% year on year — ahead of the company’s own full-year guidance of 3% growth. First-quarter cash flow jumped 20% to $8.6 billion, underpinned by strong operational performance and the resilience of the company’s geographically diversified portfolio. Adjusted net income also increased, reflecting favourable market conditions during the period. The company raised its first interim dividend by 5.9% to €0.90 per share, signalling confidence in its financial trajectory.
Pouyanné highlighted TotalEnergies’ diversified asset base as a critical buffer against global market disruptions, with Mozambique LNG set to become an increasingly important pillar within that portfolio as production approaches in 2029. The company’s geographically spread operations have allowed it to absorb external shocks that have created significant headwinds for more concentrated producers, reinforcing management’s long-term confidence in the project’s strategic value.
Source: Green Building Africa