Exxon to make $500 million initial investment in Mozambique LNG project

08/10/2019 15:32 LNG

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Exxon Mobil plans to invest more than $500 million in the initial construction phase of its liquefied natural gas (LNG) project in Mozambique.

The U.S. oil company’s $30 billion Rovuma LNG project, jointly operated with Italy’s Eni, has a capacity of more than 15 million tonnes a year (mtpa) and is set pump much-needed cash into the southern African nation’s ailing economy.

 

Construction of onshore facilities has been awarded to a consortium led by Japan’s JGC, U.K firm TechnipFMC and U.S. company Fluor Corp.

 

Final investment decisions, a term used by the oil industry to mean the commercial and regulatory aspects of a project are finalised, would be made in 2020, Clarke said.

 

Mozambique, among the poorest countries in the world, holds presidential elections on Oct. 15, and the investments stand to boost President Filipe Nyusi’s popularity and ease growing frustrations over unemployment and poverty.

 

The Exxon project, along with Total’s $20 billion 13 mtpa facility and Eni’s $8 billion 3.4 mtpa floating plant, mean Mozambique will have the ability to export 31 mtpa of natural gas, about 10% of today’s global market.

Source: reuters.com

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