Area 4 Co-Venture Parties Secure Offtake Commitments for the Rovuma LNG Project
28 Décembre 2018 - 3:00PM
Business Wire
- Area 4 has secured sufficient offtake
commitments from affiliated buyers of the co-venture parties to
move towards a final investment decision for the Rovuma LNG
project
- Affiliate buyer commitments will
provide a foundation to secure project financing
- Government reviewing proposed
development plan; production expected to commence in 2024
Area 4 co-venture participants have secured liquefied natural
gas (LNG) offtake commitments from affiliated buyer entities of the
partners, a key milestone enabling the participants to rapidly move
toward a final investment decision in 2019 on the first phase of
the Rovuma LNG project. Area 4 participants are ExxonMobil, Eni,
China National Petroleum Corporation (CNPC), Empresa Nacional de
Hidrocarbonetos, Kogas and Galp.
Those commitments are subject to the conclusion of fully-termed
agreements, which will be finalized and initialed in the next
weeks, and the approval of the government of Mozambique.
“The Rovuma LNG marketing team has worked at an accelerated pace
to reach this important milestone, a tremendous achievement made
possible by the strength of the Area 4 co-venture parties and the
support of the government of Mozambique,” said Peter Clarke,
president of ExxonMobil Gas and Power Marketing Company.
Massimo Mantovani, Eni chief gas and LNG marketing and power
officer, said, “These commitments are an important step forward for
the Rovuma LNG project and provide a solid foundation for securing
project financing. This achievement highlights the strength of our
partnership and commitment to developing Mozambique’s natural
resources.”
In July 2018, Mozambique Rovuma Venture submitted the
development plan to the government of Mozambique for the first
phase of the Rovuma LNG project. The project will produce, liquefy
and market natural gas from the Mamba fields located in the Area 4
block in the Rovuma Basin offshore Mozambique. ExxonMobil will lead
construction and operation of natural gas liquefaction and related
facilities on behalf of the Area 4 joint venture, and Eni will lead
construction and operation of upstream facilities.
The development plan for the first phase of the Rovuma LNG
project specifies the proposed design and construction of two
liquefied natural gas trains, which will each produce 7.6 million
tons of LNG per year. Mozambique Rovuma Venture is currently
holding productive discussions with the Mozambican government on
development plan details.
In addition to generating government revenues, the proposed
Rovuma LNG project will support long-term economic growth in
Mozambique by developing the local workforce, building the
capabilities of and demand for local suppliers, and assisting with
community development efforts.
Mozambique Rovuma Venture S.p.A., an incorporated joint venture
owned by ExxonMobil, Eni and CNPC, holds a 70 percent participation
interest in the Area 4 exploration and production concession
contract alongside Empresa Nacional de Hidrocarbonetos, Galp and
Kogas, each of which hold a 10 percent interest.
About ExxonMobil
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gas company, uses technology and innovation to help meet the
world’s growing energy needs. ExxonMobil holds an industry-leading
inventory of resources, is one of the largest refiners and
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the largest in the world. For more information, visit
www.exxonmobil.com or follow us on Twitter
www.twitter.com/exxonmobil.
Cautionary Statement: Statements of
future events or conditions in this release are forward-looking
statements. Actual future results, including project plans,
capacities and timing, could vary depending on changes in long-term
prices for oil and natural gas and other market factors affecting
the oil and gas industry; the outcome of commercial negotiations;
the ability to secure project financing on acceptable terms;
obtaining necessary government approvals; final co-venturer
investment decisions; the outcome of future development work;
economic conditions including the occurrence and duration of
economic recessions; changes in government policies or regulations,
including tax and environmental requirements; the actions of
competitors; and other factors discussed in this release and under
the heading “Factors Affecting Future Results” on the Investors
page of ExxonMobil’s website at exxonmobil.com. References to
natural gas, resources, and similar terms in this release include
quantities that are not classified as proved reserves under SEC
regulations but that we expect will ultimately be produced and
moved to the proved reserve category.
**Shorthand references herein are used for convenience only.
Nothing contained herein is intended to override the corporate
separateness of affiliated companies or co-venture parties.
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