Mozambique is close to bringing back a $20 billion natural gas project that could transform its economy, after years of delays caused by violent insurgent attacks. President Daniel Chapo says talks with energy giant TotalEnergies are going well and should wrap up by August.

The massive LNG project, located in the troubled Cabo Delgado region, was put on hold in 2021 when rebel fighters linked to ISIS launched deadly raids. TotalEnergies had to evacuate its workers and shut everything down. But with improved security — thanks to support from Rwandan troops and regional forces — there’s now hope for a safe restart.

“I met with the CEO of TotalEnergies recently, and things are moving in the right direction,” Chapo said. “We’re almost ready to set a date for the project to resume.”

Investors are taking notice too — Mozambique’s bonds have climbed to their highest levels in months.

Even though the area still faces risks, Chapo believes the progress is enough to move forward. “It’s not perfect, but it’s far better than four years ago,” he said.

Meanwhile, other energy players are also jumping in. Eni, an Italian oil company, is expanding its operations in Mozambique with a new floating gas plant, building on its already successful Coral South project.

Mozambique’s offshore gas discoveries are among the biggest in the world, and restarting this project could bring in billions, create jobs, and lift the country out of poverty.