The project operator with an interest of 26.5%, followed by Mitsui & Co, is up to date with 20%, while Mozambique’s state ownership has some 15%. | Photocredit: Turar Kazangapov
India’s Oil India Ltd run by the State expects a Mozambique-liquid natural gax project of $ 20 billion, so far operated Mozambique, in which it has an interest in restarting the development by the end of this year, said Ranjit Rath chairman on Thursday.
Until the construction of the project stopped and imposed force majeure in 2021 after a fatal attack on the site by Islamic State-linked insurgents.
“With improved security conditions, the project is expected to restart in the second half of 2025 and it is well positioned to meet the growing demand of the Indian gas market,” said Rath during his annual shareholders’ meeting.
Patrick Pouyanne, CEO of the Totaleenergies, said in June that he expected that the development would resume “this summer”.
Totomengies is the project operator with an interest of 26.5 percent, followed by Mitsui & Co by 20 percent, while Mozambique’s state -owned companies have 15 percent.
Indian state -owned companies ONC Videsh, Bharat Petroresources and Oil India together have 30 percent in the project, where the PTTEP of Thailand owns the rest.
Explorer Oil India also has a minority stake in the projects of Vankorneft and Taas-Yuryakh in Russia.
Rath said that Oil has received India dividends that are equal to 91 percent of his investments in Russian projects.
“A highlight of the year was the robust dividend flow of Russian assets, in the amount of $ 942 million, which represents more than 91 percent of our original investments in Vankorneft and Taas-Yuryakh, with full recovery expected in the coming year,” he said.
Published on September 18, 2025
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