28 June 2018

Mozambique: Marketing of Key Mozambique Gas Project Underway

Maputo — Exxxon Mobil and Eni have confirmed marketing efforts are underway for the Rovuma liquefied (LNG) project offshore Mozambique.

It will produce, liquefy and sell natural gas from the gas fields of the Area 4 block.

Senior management representatives of the co-venture parties have met during World Gas Conference in Washington, to affirm marketing progress.

"The key strength of Area 4 is the quality of the co-venture partnership," said Massimo Mantovani, Eni chief gas and LNG marketing and power officer.

"Following the final investment decision on Coral South FLNG in 2017, we are working together to develop the remaining gas fields which will feed the Rovuma LNG trains, taking full advantage of the expertise of all our co-venture parties."

Peter Clarke, president of ExxonMobil Gas and Power Marketing Company, said they have made significant progress on marketing and are now in active negotiations on binding sales and purchase agreements for Rovuma LNG with some affiliated buyer entities of the Area 4 co-venturers.

"These commitments will help us progress toward a final investment decision, which we expect to reach in 2019."

The initial phase of the Rovuma LNG project will develop the Mamba reservoirs in Area 4 and help deliver reliable, affordable energy to customers and create long-term economic value for the people of Mozambique and the project's co-venturers.

ExxonMobil Moçambique Limitada will lead construction and operation of liquefaction trains and related onshore facilities for the Rovuma LNG project, while Eni Rovuma Basin will lead upstream developments and operations.

In parallel to the marketing, the co-venturers are also advancing financing activities and working with the government of Mozambique to progress approval of the project.

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