Indian state-owned company Oil India announced that its $20 billion Mozambique LNG project will restart by the end of this year. Company Chairman Ranjit Rath said that with improved safety conditions, the project is expected to become operational in the second half of 2025.
French energy giant TotalEnergies is the operator with a 26.5% stake in the project. Mitsui holds 20%, Mozambican state-owned company ENH holds 15%, and India’s ONGC Videsh, Bharat PetroResources, and Oil India hold a total of 30% stake.
The Thai company PTTEP owns the remaining shares.The project was halted in 2021 following ISIS-linked attacks and a force majeure was declared. However, with the improvement of security conditions, it is expected to play a critical role in meeting the increasing Indian gas demand.
Rath also noted that Oil India earned strong dividends from its Vankorneft and Taas-Yuryakh projects in Russia. The company recovered 91% of these investments, earning a total of $942 million in dividends.
