ExxonMobil duplicates participation in gas project in Mozambique

A ExxonMobil agreed to double the participation in the liquefied natural gas project (LNG) to 50% Rovuma LNG, northern Mozambique, reinforcing the bet on what is considered one of the largest energy projects in Africa.

The announcement, without further details, is contained in the results of the third quarter of 2026 of the US oil company, released on Friday, in which the US oil company claims to have “reached agreement to increase participation” in the LNG project in Mozambique to 50%, where it is already an operator.

The company adds that this and other international developments have contributed to solidifying its position as a benchmark operator in large hydrocarbon exploration and production projects.

The operation will be carried out through an exchange of assets with Italian Eni, which will receive other properties in the region, but none of the oil companies, which operate in the ‘onshore’ (Exxonmobili) and ‘offshore’ (Eni) in the Rovuma basin, Cabo Delgado, have disclosed the financial terms of the agreement.

The strengthening of participation places half of the project under the economic control of ExxonMobil, while increasing the company's influence on the future final investment decision (FID) and the share of the costs it will have to bear in the development of the enterprise.

The operation comes at a decisive stage for Rovuma LNG, when ExxonMobil, as an operator, has been announcing since August the award of several contracts for the first phase of the project, even before the final investment decision.

The Rovuma LNG is led by ExxonMobil as a delegate operator in Area 4 of the Rovuma Basin and provides for the construction of land liquefaction facilities on the Afungi peninsula in Cabo Delgado, with capacity to produce 18.6 million tonnes of LNG per year.

The operational boot is designed for 2031.

Area 4 already produces natural gas through the South Coral FLNG project, operated by Eni, which came into operation in 2022 and was the first undertaking to export LNG from Mozambique. The Southern Coral operates offshore reserves through a floating liquefaction unit, while the Rovuma LNG is the main land development planned for the concession.

ExxonMobil's decision to double its participation takes place when the project's partners – in addition to Eni also CNPC (20%), XRG (10%), KOGAS (10%) – also point to 2026 the final investment decision and await government approval of the development plan, a process that ExxonMobil also assumes to be developing favorably.

In an interview with Lusa in July, Mozambican President Daniel Chapo classified Rovuma LNG as “the largest private investment project on the African continent,” estimated at around 20 billion dollars (EUR 17.2 billion).

According to projections previously released by promoters, the project could generate around 150 billion dollars (131 billion euros) in revenues for the Mozambican State over three decades of operation, in addition to contributing thousands of jobs and a significant impact on the national economy.