Post #401

Debt Forces Haste New disputes around the Cabo Delgado gas project ⚔️ A rift stroke the camp of Mozambique’s authorities and TotalEnergies. While both sides are eager to restart the Cabo Delgado gas project as quickly as possible, Total now pushes for more favorable terms by threatening delays. 💵Project revenues are urgently needed by the government. Beyond delayed income, the issue is the $900 million bond debt, which awaits repayments in 2028. Cabo Delgado will produce its first gas in 2029 at the earliest. 🔥 Fully aware of this predicament, Total is refusing to relaunch the complex until the state agrees to extend the license and compensate the company for the 4-year shutdown caused by insurgent attacks in Cabo Delgado in 2021. ⏩ TotalEnergies is thereby trying to negotiate better terms with the government anticipating the lack of foreign currency to service its debts. ➡️ Follow to stay informed - @devilsbelow