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Eni, Exxonmobile market Mozambique offshore LNG project

BUSINESS
Eni, Exxonmobile market Mozambique offshore LNG project

Italian energy gian Eni and ExxonMobil said on Thursday that marketing efforts are underway for the Rovuma LNG project, which will produce, liquefy and sell natural gas from the gas fields of the Area 4 block offshore Mozambique.

“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 FID 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,” Mantovani added.

Senior management representatives of the co-venture parties (ExxonMobil, Eni, CNODC, ENH, Kogas and Galp) met on Thursday during the World Gas Conference in Washington DC to discuss marketing progress.

“We 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 coventurers,” Peter Clarke, president of ExxonMobil Gas and Power Marketing Company, said at the World Gas Conference.

“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, Eni said.

ExxonMobil Mocambique Limitada will lead construction and operation of liquefaction trains and related onshore facilities for the Rovuma LNG project, while Eni Rovuma Basin will spearhead 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," Eni stated.

The Area 4 concession is located offshore of the Cabo Delgado province of northern Mozambique. It is operated by Mozambique Rovuma Venture owned by ExxonMobil Development Africa, Eni and CNODC Dutch Cooperatief which holds a seventy percent interest alongside Galp Energia Rovuma, KG Mozambique and Empresa Nacional de Hidrocarbonetos, each of which holds a ten percent stake, Eni said.

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