Communication - Presse
ExxonMobil doubles stake in Mozambique’s Rovuma LNG project to 50% through Eni asset swap
- ExxonMobil has raised its working interest in the Rovuma LNG project from 25% to 50% after swapping assets with Italy’s Eni, and remains the project operator.
- A final investment decision is targeted by the end of 2026, with commercial operations expected from 2031.
- The US$30 billion project is designed to produce 18.6 million tonnes of LNG per year, and US$1.1 billion has already been committed to long lead equipment.
ExxonMobil has increased its stake in Mozambique’s planned Rovuma liquefied natural gas (LNG) project to 50% from 25%, following an asset swap with Eni. Under the deal, Eni gave up its share of the project in exchange for other properties in the region.
ExxonMobil continues to lead the development as operator. The deepwater project sits in the Rovuma Basin off Cabo Delgado province and is designed to produce 18.6 million tonnes of LNG per year. Total development costs are estimated at US$30 billion. The partners have recently committed US$1.1 billion to long lead subsea and equipment contracts, which keeps the schedule on track for a final investment decision (FID) by the end of 2026 and first commercial operations in 2031.
The Area 4 consortium also includes China National Petroleum Corp. (CNPC), Korea Gas Corp. (KOGAS), ADNOC’s XRG and Mozambique’s state owned Empresa Nacional de Hidrocarbonetos (ENH).
Industry observers see the stake increase as a strong signal of ExxonMobil’s intent to proceed. By taking on Eni’s share, the company is expanding its future capital exposure, something operators rarely do for projects they plan to delay or abandon. The US$1.1 billion in early contracts represents less than 4% of the total cost, but it is money spent ahead of the FID and points towards a positive outcome.
Market conditions also support the case. Global LNG supply remains tight as geopolitical shifts reshape energy trade routes, and buyers in Europe and Asia are seeking secure, long term gas sources.
