Exxon Mobil to Finalize LNG Investment in Mozambique

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American oil and gas giant Exxon Mobil is expected to finalize its investment in Mozambique’s lucrative liquefied natural gas fields in a signing ceremony on Tuesday, the African country’s government said via state television that was covered by Reuters.

Exxon’s Rovuma LNG project, jointly operated with Italian firm Eni, will produce, liquefy and sell natural gas from three reservoirs located in the Area 4 block offshore Mozambique’s northern coast.

Exxon estimates the fields, which are due to come onstream in 2024, will cost $30 billion to develop and has said it expects 17,000 tons of liquefied petroleum gas (LPG) per year during the production phase, with the signing of an initial investment decision paving the way for the massive infrastructure project to begin.

 

 

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