TotalEnergies SE (TTE) announced Thursday it's hitting the restart button on what might be Africa's biggest LNG gamble. The French energy giant, alongside Mozambique's President, confirmed that the Mozambique LNG project is back in full swing after sitting dormant since 2021.
The project ground to a halt four years ago when Islamist militants started attacking the Cabo Delgado region. Some partners decided they'd had enough and exited, but TotalEnergies doubled down, increasing its stake and declaring last year it was ready to get back to work. In November 2025, the consortium officially lifted the Force Majeure that had been in place since the shutdown.
Construction Kicks Into High Gear
Work has resumed both offshore and at the Afungi onshore site, with more than 4,000 workers already deployed. Over 3,000 of those workers are Mozambican nationals, which matters quite a bit for a country that desperately needs the economic boost.
The project is sitting at 40% completion, and TotalEnergies expects first LNG production in 2029. The good news? Nearly all the engineering work and main equipment procurement got finished during the Force Majeure period, so they're not starting from scratch.
The economic impact looks substantial. TotalEnergies projects up to 7,000 direct jobs for Mozambicans, and local companies should see contracts exceeding $4 billion. For a country that's been dealing with security challenges and economic uncertainty, those numbers represent a potential game-changer.
Side Deal on Clean Energy
Also on Thursday, TotalEnergies signed a separate 10-year deal to supply renewable electricity to paper manufacturer SWM's three French plants. Starting January 2026, the company will deliver 800 GWh of Clean Firm Power from roughly 50 MW of existing renewable assets in France.
TotalEnergies is scheduled to report fourth-quarter earnings on February 11.
Stock Movement: TotalEnergies shares dipped 0.78% to $72.06 in Friday premarket trading, hovering near the stock's 52-week high of $73.75.
