The the Final Investment Decision (FID) on the Rovuma LNG Project in Mozambique has been put on hold. According to the National Petroleum Institute (INP) ExxonMobil will make the FID on the US $30bn project in 2021.
The FID on Rovuma LNG project was expected to take place in the first half of 2020, but in March ExxonMobil indicated capex cuts and moving forward was unlikely, due to the COVID-19 pandemic and the oil price collapse.
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 deepwater Area 4 block contains more than 85 trillion cubic feet of natural gas, which will provide resources for a world-class LNG project in which the partners expect to invest tens of billions of dollars.
The discovery of huge natural gas deposits has the potential to transform Mozambique. It paves the way for the country to become a leading regional LNG exporter and a major global energy player.
ExxonMobil is the largest publicly traded oil and gas company in the world, and one of the largest oil and gas producers in Africa.
The company has operated in Africa for more than 100 years and since 2006 they have committed more than US $46bn to investments in Africa, including projects in Nigeria, Angola and many other countries.
ExxonMobil has a large workforce based in Africa with more than 3,300 employees on the continent.