ExxonMobil Increases Stake in Rovuma LNG Project to 50%

The announcement was made on 30 October as part of the company's third-quarter 2026 financial results. In its statement, ExxonMobil confirmed the agreement to expand its interest in the project, for which it already holds operational responsibility.

The agreement comes at a crucial stage in the development of Rovuma LNG, as the project awaits the completion of the procedures required for a final investment decision (FID), targeted for 2026.

Although ExxonMobil did not disclose the financial terms of the transaction, information published by Club of Mozambique indicates that the increased stake results from an asset swap agreement with Italian energy company Eni.

The newly announced 50% interest relates specifically to the Rovuma LNG project and should not be confused with ownership of the entire Area 4 concession, which has a different shareholder structure involving Mozambique Rovuma Venture (MRV), Mozambique's National Hydrocarbons Company (ENH), South Korea's KOGAS and other partners.

The announcement comes as project partners intensify preparations for implementation. In August, ExxonMobil announced the award of approximately $1.1 billion in pre-investment contracts covering the procurement of critical equipment and preparatory activities.

The contracts include engineering services, the manufacture of subsea production systems, the supply of large-diameter valves and pipelines for natural gas transportation, all considered essential for advancing the project's first phase.

At the time, ExxonMobil Mozambique's Managing Director, Johanna Boothey, highlighted the importance of securing specialised equipment in advance to minimise potential construction delays and ensure greater readiness for project execution.

Rovuma LNG involves the construction of an onshore natural gas processing and liquefaction facility with an annual production capacity of 18.6 million tonnes, using offshore gas reserves located in the deep waters of the Rovuma Basin.

Meanwhile, the National Petroleum Institute (INP) has been overseeing the technical and regulatory procedures required to advance the investment, including the assessment of a proposed amendment to the project's Development Plan.

The review covers economic viability, financing arrangements, domestic gas supply, local content requirements and fiscal obligations associated with the exploitation of natural gas resources.

In September, ExxonMobil also announced the selection of a consortium comprising Saipem and Jan De Nul to undertake infrastructure works related to offshore gas production and transportation. The final award of these contracts remains subject to the investment decision and the necessary regulatory approvals.

According to company estimates, the development of Rovuma LNG could generate approximately $6 billion in economic activity in Mozambique and create employment opportunities for around 7,500 Mozambicans during the construction phase.

The project is also expected to support the development of domestic supply chains by creating opportunities for local businesses to provide goods and services throughout its implementation.

With the increased stake, ExxonMobil will further consolidate its position in the development of Rovuma LNG, while Eni will retain responsibility for the floating LNG projects associated with the Coral gas field, also located in Area 4.

However, the project's implementation remains dependent on the completion of approval procedures, financing arrangements and a final investment decision by the partners involved.