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ExxonMobil completes LNG acquisition in Mozambique

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ExxonMobil have announced the completion of a transaction by ExxonMobil Development Africa B.V. to acquire a 25% indirect interest in Mozambique’s gas-rich Area 4 block from Eni and assume responsibility for midstream operations.

ExxonMobil will lead the construction and operation of all future natural gas liquefaction and related facilities, while Eni will continue to lead the Coral floating LNG project and all upstream operations. The operating model will enable the use of best practices and skills with each company focusing on distinct and clearly defined scopes while preserving the benefits of an integrated project.

“ExxonMobil brings our LNG leadership and experience to support development of Mozambique’s high-quality natural gas resources,” said Darren W. Woods, chairman and chief executive officer.

“We are confident that our project and marketing expertise, coupled with our financial strength, will help grow the value of Mozambique’s energy resources. We will work closely with our partners to develop this world-class resource.”

Natural gas is projected to be the world’s fastest-growing major fuel source, and Mozambique is well-positioned to supply LNG customers around the world. The deepwater Area 4 block contains an estimated 85 trillion ft3 of natural gas in place.

Read the article online at: https://www.lngindustry.com/liquefaction/14122017/exxonmobil-completes-lng-acquisition-in-mozambique/

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