Exxon Mobil plans to invest more than $500 million in the initial construction phase of its liquefied natural gas (LNG) project in Mozambique.<\/p>\n
The U.S. oil company\u2019s $30 billion Rovuma LNG project, jointly operated with Italy\u2019s Eni, has a capacity of more than 15 million tonnes a year (mtpa) and is set pump much-needed cash into the southern African nation\u2019s ailing economy.<\/p>\n
\u201cThe Area 4 partners will advance midstream and upstream area project activities of more than $500 million as initial investments,\u201d Exxon head of power and gas marketing Peter Clarke told a ceremony in Mozambique\u2019s capital Maputo on Tuesday.<\/p>\n
Construction of onshore facilities has been awarded to a consortium led by Japan\u2019s JGC, U.K firm TechnipFMC and U.S. company Fluor Corp.<\/p>\n
\u201cThese EPC (engineering, procurement and construction) contracts cover the construction of two natural gas production trains with a total capacity of 15.2 million tons per annum, as well as associated onshore facilities,\u201d Clarke said.<\/p>\n
Final investment decisions, a term used by the oil industry to mean the commercial and regulatory aspects of a project are finalised, would be made in 2020, Clarke said.<\/p>\n
Mozambique, among the poorest countries in the world, holds presidential elections on Oct. 15, and the investments stand to boost President Filipe Nyusi\u2019s popularity and ease growing frustrations over unemployment and poverty.<\/p>\n
The Exxon project, along with Total\u2019s $20 billion 13 mtpa facility and Eni\u2019s $8 billion 3.4 mtpa floating plant, mean Mozambique will have the ability to export 31 mtpa of natural gas, about 10% of today\u2019s global market.<\/p>\n
South Africa\u2019s Standard Bank said in a March report revenue from the gas investments could lift annual economic growth past 5% and household per capita income by 50% over the 2018 average.<\/p>\n","protected":false},"excerpt":{"rendered":"
Exxon Mobil plans to invest more than $500 million in the initial construction phase of its liquefied natural gas (LNG) project in Mozambique. The U.S. oil company\u2019s $30 billion Rovuma LNG project, jointly operated with Italy\u2019s Eni, has a capacity of more than 15 million tonnes a year (mtpa) and is set pump much-needed cash […]<\/p>\n","protected":false},"author":64,"featured_media":31572,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[110,3,15,2],"tags":[30379,611,51218],"yoast_head":"\n