ExxonMobil Development Africa has completed the acquisition of a 25% indirect interest in Area 4 block in Mozambique from Eni.
With the completion of the transaction, ExxonMobil Development Africa has assumed responsibility for midstream operations.
The construction and operation of all future natural gas liquefaction and related facilities will be handled by ExxonMobil, while Eni will continue to lead the Coral floating LNG project and all upstream operations.
ExxonMobil chairman and CEO Darren Woods said: “ExxonMobil brings our LNG leadership and experience to support development of Mozambique’s high-quality natural gas resources.
“We are confident that our project and marketing expertise, coupled with our financial strength, will help grow the value of Mozambique’s energy resources.”
The company intends to benefit from the growing status of natural gas as a major fuel source.
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Mozambique is expected to serve as a major supplier to global LNG customers, with the deepwater Area 4 block containing an estimated 85 trillion cubic feet of natural gas in place.
ExxonMobil now owns a 35.7% interest in Eni East Africa, which is set to be renamed Mozambique Rovuma Venture.
Eni East Africa is co-owned by Eni and CNPC, and holds a 70% interest in Area 4.
The remaining 30% interest in Area 4 is equally held by Empresa Nacional de Hidrocarbonetos, Kogas and Galp Energia, with each company owning 10%.