ExxonMobil expands its ownership in Mozambique’s Rovuma LNG project to 50% after swapping assets with Eni
ExxonMobil increased its share in the Rovuma LNG development in northern Mozambique from a quarter to half by exchanging assets with Italy’s Eni. The transaction keeps ExxonMobil as the project operator and is aimed at securing a final investment decision by the end of 2026, with commercial operations expected around 2031. The $30 billion venture targets annual production of 18.6 million tonnes of LNG, and the partners have already committed $1.1 billion to long‑lead equipment contracts. The move is presented as a signal of confidence amid ongoing security challenges in the region.
Why it matters
The higher stake raises ExxonMobil’s capital exposure to the multi‑billion‑dollar project, which could affect its cash‑flow outlook once the LNG facility comes online. Investors will watch the FID timeline and the ability to secure offtake contracts, as the project adds significant new supply to a tight global LNG market.
Key facts
- 1ExxonMobil’s ownership in the Rovuma LNG project rose from 25 percent to 50 percent after an asset swap with Eni. greenbuildingafrica.co.za
- 2The project’s total development cost is estimated at US$30 billion. greenbuildingafrica.co.za
- 3The LNG facility is designed to produce 18.6 million tonnes of LNG per year. greenbuildingafrica.co.za
- 4Partners have committed US$1.1 billion to long‑lead subsea and equipment contracts. greenbuildingafrica.co.za
- 5A final investment decision is targeted for the end of 2026, with commercial operations expected in 2031. greenbuildingafrica.co.za
Summary written by AlphAI AI Desk from 3 of 3 sources. Not investment advice. Figures are as stated by the linked sources.