Continental Focus, International Reach

Total Committed to Africa’s Largest Single Investment at $23 Billion

Sunday, August 18, 2019

Now that the Occidental deal to acquire Anadarko Petroleum is complete, French firm Total said it was committed to developing the Mozambique natural gas project that prior to the acquisition, belonged to Anadarko. During the bidding period for the US independent, the French firm entered a deal with Occidental for Anadarko’s African assets.

Total says the Mozambique project is part of its expansion in Africa.

The development of the project is estimated to cost as much as $23 billion. This will be the continent’s single largest investment.

“I would like to reaffirm the importance of Mozambique LNG for Total, where we will become the operator,” Patrick Pouyanné, CEO of Total was quoted as saying in a Bloomberg report. “This is a unique asset which perfectly fits our strategy and our skills.”

Besides the Mozambican assets, Total gains oil and gas assets in Ghana and Algeria through its deal with Occidental.