New Delhi — India’s state-run Oil India Ltd expects a $20-billion, TotalEnergies-operated Mozambique liquefied natural gas project in which it owns a stake to restart development by the end of this year, its chairman Ranjit Rath said on Thursday.
TotalEnergies halted construction of the project and imposed force majeure in 2021 following a deadly attack on the site by Islamic State-linked insurgents.
“With improved security conditions, the project is expected to restart in the second half of 2025 and is well-positioned to meet the growing demand of the Indian gas market,” Rath said at its annual shareholder meet.
TotalEnergies CEO Patrick Pouyanne said in June he expected development to resume “this summer”.
TotalEnergies is the project operator with a 26.5% stake, followed by Mitsui & Co with 20%, while Mozambique’s state-owned ENH has 15%.
Indian state firms ONGC Videsh, Bharat PetroResources and Oil India together hold 30% in the project, with Thailand’s PTTEP owning the remainder.
Explorer Oil India also holds a minority stake in the Vankorneft and Taas-Yuryakh projects in Russia.
Rath said Oil India has received dividends equivalent to 91% of its investment in the Russian projects.
“A highlight of the year was the robust dividend flow from Russian assets, amounting to $942 million, representing over 91% of our original investment in Vankorneft and Taas-Yuryakh, with full recovery expected in the coming year,” he said.
Reporting by Nidhi Verma; Editing by Joe Bavier – Reuters
