ExxonMobil Completes LNG Acquisition in Mozambique Area 4
December 13 2017 - 10:00AM
Business Wire
- ExxonMobil to lead construction and
operation of future gas liquefaction facilities
- Company assumes responsibility for
midstream operations in Area 4
- Estimated 85 trillion cubic feet of
natural gas to support world-class LNG project
ExxonMobil announced today the completion of a transaction by
ExxonMobil Development Africa B.V. to acquire a 25 percent 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 cubic feet of natural gas in place.
ExxonMobil now owns a 35.7 percent interest in Eni East Africa
S.p.A. (to be renamed Mozambique Rovuma Venture S.p.A.), which
holds a 70 percent interest in Area 4, and is co-owned with Eni
(35.7 percent) and CNPC (28.6 percent). The remaining interests in
Area 4 are held by Empresa Nacional de Hidrocarbonetos E.P. (10
percent), Kogas (10 percent) and Galp Energia (10 percent).
About ExxonMobil
ExxonMobil, the largest publicly traded international energy
company, uses technology and innovation to help meet the world’s
growing energy needs. ExxonMobil holds an industry-leading
inventory of resources, is one of the largest refiners and
marketers of petroleum products, and its chemical company is one of
the largest in the world. For more information, visit
www.exxonmobil.com or follow us on Twitter
www.twitter.com/exxonmobil.
Cautionary Statement: Statements of
future events or conditions in this release are forward-looking
statements. Actual future results, including project plans and
demand growth could differ materially due to changes in market
conditions affecting the oil and gas industry or long-term oil and
gas price levels; political or regulatory developments; reservoir
performance; technical or operating factors; the outcome of future
commercial negotiations; and other factors discussed under the
heading “Factors Affecting Future Results” available through the
Investors page of our website at exxonmobil.com. References to
quantities of natural gas in this release include quantities that
are not yet classified as proved reserves under SEC definitions but
that we believe will eventually be developed and produced.
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