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Project Insights

Total hits ground running with smooth acquisition of Moz LNG

Total's quick acquisition of Mozambique LNG has set it off on the right foot with the Mozambique government, which is eager to recoup tax from the sale Total's quick acquisition of Mozambique LNG has set it off on the right foot with the Mozambique government, which is eager to recoup tax from the sale.
By Leigh Elston 30 September 2019 Middle East & Africa / LNG 0 34632
Anadarko drilling offshore Mozambique. (Anadarko)

Total has completed its $3.9 billion acquisition of the Mozambique LNG project from Occidental Petroleum, the French major announced on Monday. It is the first sale to close in Total’s $8.8 billion acquisition of Anadarko’s African assets from Occidental, likely sped along by the Mozambique government’s eagerness to get hold of a capital gains tax (CGT) windfall to service its debt. Occidental, which needs the money from selling Anadarko’s African assets to fund its takeover of the company, has also been keen to push things...