French energy giant, Total, is reported to have secured Africa’s biggest investment – A $14.4 billion funding for its liquefied natural gas (LNG) export project in Mozambique.

The financing deal is said to have around 20 banks for the first and the most significant phase of Senior Debt Funding. It was reported on Bloomberg on Wednesday that some of the banks involved in the financing include Rand Merchant Bank, Standard Bank Group and Societe Generale, which is acting as the financial adviser. It also reported that the deal, worth about $15 billion,  is scheduled to be signed in June.

The French giant projects the financing to be closed in the third quarter. Total had previously said that it expected production to begin by 2024.

The Export-Import Bank of the United States is also said to have, last week, approved a $4.7 billion loan to back American suppliers for the Mozambican LNG project. The bank reportedly amended the provisions of a loan which it had earlier approved to include the offshore scope relation of the project to the development of the gas fields that would feed the LNG plant, the Golfinho/Atum gas fields.

Mozambican Gas

With approximately 75 trillion cubic feet of recoverable natural gas discovered in Offshore Area 1, the Mozambique LNG Project is a world-class project that will meet increasing world demand for a sustainable, reliable and cleaner source of energy.

Mozambique LNG is said to be worth more than $20 billion. It was sanctioned by Anadarko and its co-ventures. Total then acquired Anadarko’s 26.5% interest in the LNG project in September of the same year for $3.9 billion.

The project is said to initially consist of two LNG trains in Cabo Delgado with a capacity of 12.88 million tonnes per year to support the development of the Golfinho/Atum fields.

Area 1 is said to contain more than 60 trillion cubic feet of gas resources, of which 18 trillion cubic feet will be developed with the first two trains.