TotalEnergies lifts force majeure on Mozambique LNG, restarting project planning

On 26–27 October 2025 TotalEnergies announced it has lifted force majeure on the Afungi Mozambique LNG project and intends to resume construction pending government approval of a revised budget and schedule, reopening the pathway to future FX export receipts for Mozambique and altering credit outlook dynamics for its 2031 eurobond.

The lift of force majeure restores a credible path for large-scale LNG exports that, if the project restarts on the revised schedule and budget, would increase Mozambique's external FX receipts and medium-term fiscal space. That potential improves the credit outlook for the 2031 USD eurobond conditionally — actual sovereign repricing depends on execution, government approvals, security developments and timing of cashflows rather than the announcement alone.

Council of Ministers’ approval of the revised project budget and schedule (government sign-off).