On Thursday, TotalEnergies SE (NYSE:TTE), along with the President of the Republic of Mozambique, disclosed the full restart of Mozambique LNG project activities.
The project activities onshore and offshore have resumed following the Mozambique LNG consortium's decision on November 7, 2025, to lift the Force Majeure, initially declared in 2021.
Progress in the Project
TotalEnergies stated that the construction has resumed both offshore and onshore at the Afungi site, with over 4,000 workers mobilized, including more than 3,000 Mozambican nationals.
The project is 40% complete, and the first LNG is expected in 2029, with nearly all engineering and main equipment procurement completed during the Force Majeure period.
The Mozambique LNG project is expected to create up to 7,000 direct jobs for Mozambicans, and contracts awarded to local companies are expected to exceed $4 billion.
According to a Reuters report, construction on TotalEnergies' Mozambique LNG project was halted in 2021 following Islamist militant attacks in Cabo Delgado. After some partners pulled out, TotalEnergies increased its equity stake and said late last year it was ready to resume work.
Renewable Electricity Supply Contract
On Thursday, TotalEnergies inked a 10-year contract with a paper industry company, SWM, to supply renewable electricity with a constant delivery profile (Clean Firm Power) to three French plants of SWM.
Starting January 2026, TotalEnergies will provide 800 GWh of electricity from around 50 MW of its existing renewable assets in France.
TotalEnergies plans to release fourth-quarter earnings on February 11.
TTE Price Action: TotalEnergies shares were down 0.78% at $72.06 during premarket trading on Friday. The stock is approaching its 52-week high of $73.75, according to Benzinga Pro data.
Photo by Vytautas Kielaitis via Shutterstock
