ExxonMobil announced today the completion of a transaction to acquire a 25 percent indirect interest in Mozambique’s 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.
“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.
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).