Mozambique LNG project to launch by mid-year, says TotalEnergies CEO
A nearly $5bn (R91.85bn) loan for the project was recently approved by US Exim Bank.
Pouyanne told analysts on a call that the company is still waiting on some finance decisions, but could finance it with equity.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
IOL News
05-08-2025
- IOL News
August fuel price adjustments: What petrol and diesel owners need to know
The August fuel price outlook is a mixed bag as motorists are set to fork out more for diesel. Image: Jacques Naude / Independent Media Motorists can look forward to a much-needed reduction in petrol prices at the pumps this Wednesday, whereas diesel prices are set to see a substantial rise. Month-end data from the Central Energy Fund (CEF) is pointing to petrol price decreases of 29 cents for 95 Unleaded and 33 cents for 93 Unleaded, while diesel prices are expected to rise by between 63 cents (50ppm) and 66 cents (500ppm). This follows July's petrol and diesel price increases of up to 55 cents and 84 cents, respectively. In the case of petrol, 95 Unleaded should recede to around R20.79 at the coast and R21.58 in Gauteng, where the slightly less expensive 93 ULP is expected to retail for R21.46. The wholesale price of 50ppm diesel is predicted to reach R19.28 at the coast and R20.04 inland. International product price movements are the driving force behind the August price adjustments, while a slightly stronger South African rand provided relief to the tune of around five cents. Video Player is loading. Play Video Play Unmute Current Time 0:00 / Duration -:- Loaded : 0% Stream Type LIVE Seek to live, currently behind live LIVE Remaining Time - 0:00 This is a modal window. Beginning of dialog window. Escape will cancel and close the window. Text Color White Black Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Background Color Black White Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Transparent Window Color Black White Red Green Blue Yellow Magenta Cyan Transparency Transparent Semi-Transparent Opaque Font Size 50% 75% 100% 125% 150% 175% 200% 300% 400% Text Edge Style None Raised Depressed Uniform Dropshadow Font Family Proportional Sans-Serif Monospace Sans-Serif Proportional Serif Monospace Serif Casual Script Small Caps Reset restore all settings to the default values Done Close Modal Dialog End of dialog window. Advertisement Next Stay Close ✕ Ad loading It's not unusual for diesel prices to rise during the winter and summer months, due to international demand patterns. In the northern hemisphere's summer, for instance, increased travel and economic activity can drive up prices. However, the main reason for the mid-2025 surge in diesel prices is due to the European Union's restrictions on Russian fuel, Total Energy CEO Patrick Pouyanne told Bloomberg. 'We think that stronger diesel prices will become a persistent feature on the global market,' he said. 'The sources of diesel are now coming from the Middle East or from US refineries further away, so it has increased the cost,' Pouyanne said. Following the August price adjustment, 50ppm diesel will be around 60 cents more expensive than it was at the beginning of this year. 95 Unleaded petrol, on the other hand, will be priced almost identically to its January 2025 level of R20.80. Both petrol and diesel have seen two increases and four decreases this year. Get your news on the go, click here to join the Cape Argus News WhatsApp channel. Cape Argus
IOL News
04-08-2025
- IOL News
August fuel price: here's what you're likely to pay for petrol and diesel from Wednesday
Petrol is coming down, but diesel is going up in August. Those with petrol-powered vehicles can look forward to some relief at the pumps from Wednesday, August 6, but diesel is looking set to increase by a significant margin. Month-end data from the Central Energy Fund (CEF) is pointing to petrol price decreases of 29 cents for 95 Unleaded and 33 cents for 93 Unleaded, while diesel prices are expected to rise by between 63 cents (50ppm) and 66 cents (500ppm). This follows July's petrol and diesel price increases of up to 55 cents and 84 cents, respectively. In the case of petrol, 95 Unleaded should recede to around R20.79 at the coast and R21.58 in Gauteng, where the slightly less expensive 93 ULP is expected to retail for R21.46. The wholesale price of 50ppm diesel is predicted to reach R19.28 at the coast and R20.04 inland. These predictions are, however, based on unaudited data from the CEF. The final and official fuel price adjustments will be announced by the Department of Mineral Resources and Energy early this week. What's driving fuel prices this month? International product price movements are the driving force behind the August price adjustments, while a slightly stronger South African rand provided relief to the tune of around five cents. It's not unusual for diesel prices to rise during the winter and summer months, due to international demand patterns. In the northern hemisphere's summer, for instance, increased travel and economic activity can drive up prices. However, the main reason for the mid-2025 surge in diesel prices is due to the European Union's restrictions on Russian fuel, Total Energy CEO Patrick Pouyanne told Bloomberg. 'We think that stronger diesel prices will become a persistent feature on the global market,' he said. 'The sources of diesel are now coming from the Middle East or from US refineries further away, so it has increased the cost,' Pouyanne said. Following the August price adjustment, 50ppm diesel will be around 60 cents more expensive than it was at the beginning of this year. 95 Unleaded petrol, on the other hand, will be priced almost identically to its January 2025 level of R20.80. Both petrol and diesel have seen two increases and four decreases this year. IOL Motoring ALSO READ: How South Africa's fuel taxes affect daily life
IOL News
01-08-2025
- IOL News
HCI's Copelyn: we are moving ahead with the Brulpadda and Luiperd offshore gas fields
The location of the Block 11B/12B offshore oil and gas exploration block in the Outeniqua Basin, 175 kilometres off the southern coast of South Africa, where two significant condensate and gas discoveries, Brulpadda and Luiperd, have been found. The illustration above was provided by TotalEnergies, which has since announced its withdrawal from the project. Image: Supplied The Brulpadda and Luiperd offshore gas finds, the only multi-trillion cubic feet gas discovery in South Africa, are national assets that can be profitably exploited and simply must be developed, said Hosken Consolidated Investments (HCI) CEO John Copelyn. He detailed HCI's progress on these gas discoveries in the latest integrated report, which was released on Friday. JSE-listed HCI is a well-diversified investment holding company with interests that include businesses in casinos, hotels, energy, mining, transport, property, and media. Last year all the international partners exited the gas project. HCI controls Impact Oil & Gas (IOG), which in turn will own 48% of Toronto-listed Africa Energy Corporation (AEC). AEC had held a 10% interest in the discoveries, Block 11B/12B, but it will become the operator after the international partners in 2024, led by the previous operator TotalEnergies, and CNR International and QatarEnergy International, withdrew from the project, which had raised questions about the project's viability at the time. 'Pursuant to our commitment not to abandon the discovery, we set about negotiating a number of agreements that will hopefully transform our ability to deliver progress,' said Copelyn. Firstly, AEC was funded to rid it of debt. Then an agreement was reached with the partner in IOG to unbundle its stake in the shareholding of AEC. These two agreements would result in HCI having a direct 48% shareholding in AEC. 'We have released Rob Nicolella from his work in HCI to focus full time on his role as CEO of AEC. There have also been changes in the AEC board, which has effectively released it from its former control structure, including the appointment of Phindile Masangane as an executive director,' said Copelyn. He said management of AEC had also been strengthened by the inclusion of several consultants 'with long and interesting CVs' appropriate to assisting in the development. 'AEC has reached an agreement with Arostyle Limited to resolve several incipient disputes and to simplify its relationship. AEC will acquire a 75% interest in the block, with Arostyle acquiring the remaining 25%, upon the approval of the production right in the blocks and the simultaneous departure of the international partners,' he said. AEC had taken transfer of the documentation on the block from TotalEnergies. AEC had submitted an application for the environmental impact assessment relating to the production right application. 'This has involved holding public hearings that were broadly advertised. The Department of Minerals and Energy has recently signed off on its scoping report, which has allowed AEC to proceed to the next phase of this application. We hope that the actual production right will be granted in the first quarter of 2026,' said Copelyn. He said they were also making progress in establishing an off-taker for the gas and condensate. The condensate was easily sold in the international market, but 'the gas is more of an issue,' said Copelyn. One possibility was to use the gas as fuel for a gas-to-power plant at Mossel Bay. This would potentially provide South Africa with much-needed base electricity supply with less than half the emissions of the current coal-fired power stations. 'We have negotiated access to a piece of land owned by the Garden Route District very close to the Gourikwa plant, which we believe is suitable to house a gas-fired power plant. We are pursuing all the regulatory permissions required for this in anticipation of such an off-take,' said Copelyn. However, such off-take was unlikely to use all the gas available in a commercially sensible time frame. In addition, there were difficulties in hedging currency risks where customers of the electric plant pay in rands and the gas is priced in US dollars. 'Alternatively, it may be possible to provide a Floating Liquefied Natural Gas solution, which would allow the gas to be converted to liquefied natural gas and then sold in the same manner as the condensate. AEC will continue to work on these issues pending the grant of the production right,' said Copelyn. He said the Brulpadda and Luiperd discoveries were significant indigenous resources, which could provide crucial relief to South Africa's energy crisis, enhancing energy security by providing access to a long-term, reliable, baseload energy source. It would also reduce dependency on coal, diesel, and foreign imports, through the addition of an indigenous, low-carbon fuel, to its energy mix. Visit:
