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Sunday, December 17, 2017
ExxonMobil completed the transaction that gives it access to a 25% indirect interest in in Mozambique’s Area 4 block from ENI. The completion of the transaction also has the US company assuming responsibility for midstream operations for the block.
ExxonMobil will lead the construction and operation of all future LNG and related facilities, while ENI will continue to lead the Coral FLNG 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.”
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