A sign with the logo of French oil and gas company TotalEnergies is pictured at a petrol station in Vertou near Nantes, France, October 26, 2022.
The Mozambique LNG project was halted in 2021 when TotalEnergies declared force majeure following a deadly attack near the site. With improved security conditions, Rath said at the company’s annual shareholder meeting: “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.”
TotalEnergies Chief Executive Patrick Pouyanne had earlier stated in June that he expected development to resume “this summer.” The project involves several major global partners. TotalEnergies is the operator with a 26.5% stake. Japan’s Mitsui & Co holds 20%, Mozambique’s state-owned ENH owns 15%, while Indian state firms ONGC Videsh, Bharat PetroResources, and Oil India together hold 30%. Thailand’s PTTEP owns the remaining share.
The project is viewed as a significant supply source for meeting India’s rising gas demand. LNG from Mozambique is expected to contribute to India’s energy security by supporting imports as domestic consumption expands.
Oil India also has investments outside Mozambique. It holds minority stakes in Russia’s Vankorneft and Taas-Yuryakh projects. According to Rath, these assets have generated strong returns. “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.
Rath emphasized that the dividend inflows have reinforced Oil India’s financial position. The company has already recovered most of its original investment and anticipates full recovery in the near term. This steady return provides a balance to its long-term commitments, including the Mozambique LNG venture.
Industry observers note that the Mozambique LNG project, once restarted, will play an important role in global LNG supply. For India, the resumption aligns with its broader strategy of diversifying import sources to meet growing domestic consumption. The combination of rising demand and long-term investments highlights the importance of ensuring stable supply partnerships.
Oil India’s involvement in both the Mozambique and Russian projects reflects its continued participation in international energy ventures. With dividends from Russia strengthening cash flows and the Mozambique project preparing to resume, the company expects its overseas investments to remain an important part of its portfolio.
Overall, the update underscores the progress toward restarting the Mozambique LNG project and highlights Oil India’s steady financial returns from its overseas stakes.
