ExxonMobil completes acquiring interest in Mozambique block from Eni

ExxonMobil completes acquiring interest in Mozambique block from Eni

5:13 AM, 14th December 2017
ExxonMobil logo

IRVING, US: ExxonMobil Corporation has completed acquiring 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 now owns a 35.7 percent interest in Eni East Africa SpA (to be renamed Mozambique Rovuma Venture SpA), 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 EP (10 percent), Kogas (10 percent) and Galp Energia (10 percent).

“ExxonMobil brings our LNG leadership and experience to support development of Mozambique’s high-quality natural gas resources,” said Darren Woods, chairman and CEO, ExxonMobil.

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