Total has closed its purchase of Anadarko Petroleum’s 26.5% stake in the Mozambique LNG project.

The French company paid $3.9 billion for the interest. The sale was struck as part of Occidental Petroleum’s acquisition of Anadarko. Total and Oxy reached the deal in May, with a firm sale and purchase agreement (SPA) reached on August 3. Oxy was to receive $8.8bn for Anadarko’s African assets, allowing it to focus on the US shale aspects of its purchase.

Anadarko reached a final investment decision (FID) on Mozambique LNG on June 18. First LNG is expected to be reached in 2024, with two trains ramping up to 12.88 million tonnes per year. It will take gas from the Golfinho and Atum fields, in Area 1, developing 18 trillion cubic feet of gas. The permit holds more than 60 tcf, suggesting room for further expansion.

“Mozambique LNG is one of a kind asset that perfectly fits with our strategy and expands our position in liquefied natural gas”, said Total’s chairman and CEO Patrick Pouyanné. “As the new operator, we are fully committed to the Mozambique LNG project and we will bring the best of our human, technical, marketing and financial capacities to further strengthen its execution. Total will of course work on the strong foundations established by the previous operator and its partners, in order to implement the project in the best interest of all those involved, including the government and the people of Mozambique.”

The French company noted that risk on Mozambique LNG had been largely covered by the sale of long-term contracts with buyers in Asia and Europe. There are also plans for some gas supplies to go for local consumption.

Mozambique’s state-owned ENH Rovuma Área Um has 15%, Mitsui E&P Mozambique Area1 has 20%, ONGC Videsh Ltd (OVL), Beas Rovuma Energy Mozambique and BPRL Ventures Mozambique each have 10%, while PTTEP Mozambique Area 1 has 8.5%.

Total will also gain assets in Algeria, Ghana and South Africa under the agreement. During the company’s recent presentation in New York, officials said the Algeria and Ghana parts of the deal should conclude by early 2020. The Algerian aspect has been particularly slow because of that country’s political paralysis.

ExxonMobil is working on plans for another liquefaction plant in Mozambique adjacent to Mozambique LNG. Rovuma LNG was expected to reach an FID this year and would have more than 15mn tpy of capacity.