ExxonMobil Doubles Stake in Mozambique Rovuma LNG Project
ExxonMobil increased its share of the Rovuma LNG project from 25% to 50% after a swap with Eni SpA.
In Brief
- •ExxonMobil increased its share of the Rovuma LNG project from 25% to 50% after a swap with Eni SpA.
- •The swap gives Eni different properties in the Rovuma region.
- •ExxonMobil plans to make a final investment decision by the end of 2026.
- •The project will produce 18.6 million tonnes of LNG per year and could be online in the early 2030s.
- •The deal marks one of the largest private investments in Mozambique’s history.
Why It Matters
ExxonMobil’s upsizing signals confidence in the Rovuma LNG project, which had been stalled for over four years due to regional security threats. The move could accelerate Mozambique’s emergence as a key LNG supplier, helping to diversify global LNG supply amid disruptions from the Iran war. For ExxonMobil, the project represents its largest operated capital investment, potentially boosting its LNG portfolio and revenue streams.
Key Details
- ExxonMobil Stake
- 50%
- Previous Stake
- 25%
- Project Capacity
- 18.6 million tonnes LNG per year
- Projected Online Date
- Early 2030s
- Final Investment Decision Deadline
- End of 2026
Original Reporting & Sources
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