ExxonMobil Completes LNG Acquisition in Mozambique Area 4

  • ExxonMobil to lead construction and operation of future gas
    liquefaction facilities
  • Company assumes responsibility for midstream operations in Area 4
  • Estimated 85 trillion cubic feet of natural gas to support world-class
    LNG project

IRVING, Texas–(BUSINESS WIRE)–ExxonMobil
announced today the completion of a transaction by ExxonMobil
Development Africa B.V. to acquire a 25 percent indirect interest in
Mozambique’s gas-rich 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. The
operating model will enable the use of best practices and skills with
each company focusing on distinct and clearly defined scopes while
preserving the benefits of an integrated project.

“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.

“We are confident that our project and marketing expertise, coupled with
our financial strength, will help grow the value of Mozambique’s energy
resources. We will work closely with our partners to develop this
world-class resource.”

Natural gas is projected to be the world’s fastest-growing major fuel
source, and Mozambique is well-positioned to supply LNG customers around
the world. 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).

About ExxonMobil

ExxonMobil, the largest publicly traded international energy company,
uses technology and innovation to help meet the world’s growing energy
needs. ExxonMobil holds an industry-leading inventory of resources, is
one of the largest refiners and marketers of petroleum products, and its
chemical company is one of the largest in the world. For more
information, visit www.exxonmobil.com
or follow us on Twitter www.twitter.com/exxonmobil.

Cautionary Statement: Statements of future
events or conditions in this release are forward-looking statements.
Actual future results, including project plans and demand growth could
differ materially due to changes in market conditions affecting the oil
and gas industry or long-term oil and gas price levels; political or
regulatory developments; reservoir performance; technical or operating
factors; the outcome of future commercial negotiations; and other
factors discussed under the heading “Factors Affecting Future Results”
available through the Investors page of our website at exxonmobil.com.
References to quantities of natural gas in this release include
quantities that are not yet classified as proved reserves under SEC
definitions but that we believe will eventually be developed and
produced.

Contacts

ExxonMobil
Media Relations, 972-940-6007

echo '
';