Gas Project Exxon Mobil Acquires 25 % Indirect Interest in Mozambique Area 4
Through this venture, Exxon Mobil will assume responsibility for midstream operations in the region. It will also lead the construction and operation of all future natural gas liquefaction and related facilities.
Texas/US – Exxon Mobil has announced the completion of a transaction by Exxon Mobil Development Africa B.V. to acquire a 25 per cent indirect interest in Mozambique’s gas-rich Area 4 block from Eni and assume responsibility for midstream operations.
Exxon Mobil 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.
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 cubic feet of natural gas in place.
Exxon Mobil now owns a 35.7 per cent interest in Eni East Africa (to be renamed Mozambique Rovuma Venture), which holds a 70 per cent interest in Area 4, and is co-owned with Eni (35.7 per cent) and CNPC (28.6 per cent). The remaining interests in Area 4 are held by Empresa Nacional de Hidrocarbonetos (10 per cent), Kogas (10 per cent) and Galp Energia (10 per cent).