ExxonMobil will raise its working interest in the Rovuma liquefied natural gas (LNG) project in northern Mozambique from 25% to 50% through an asset swap with Italy’s Eni, the company disclosed with its third-quarter results on 30 October. Eni will receive other properties in the area, and neither company gave financial terms. ExxonMobil already operates the planned project, designed to produce 18.6 million tonnes of LNG a year, and targets a final investment decision by the end of 2026. Holding half the project puts the investment decision, and more of its cost, in ExxonMobil’s hands. The next step is the Mozambican government’s approval of the development plan, which the company says is progressing well.
Sources
- World Oil: https://www.worldoil.com/news/2026/10/30/exxonmobil-to-raise-rovuma-lng-stake-to-50-papua-lng-to-34-as-guyana-passes-1-bbbl/
- BusinessDay (Nigeria), interview with ExxonMobil CFO Neil Hansen: https://businessday.ng/news/article/exxon-mobil-increases-stake-in-mozambique-gas-project/
- Green Building Africa: https://www.greenbuildingafrica.co.za/exxonmobil-doubles-stake-in-mozambiques-rovuma-lng-project-to-50-through-eni-asset-swap/