ExxonMobil postpones final investment decision on Rovuma LNG project once again

MOZAMBIQUE – American multinational oil and gas corporation Exxon has postponed for the third consecutive year the Final Investment Decision on the natural gas exploration project in Mozambique, putting the US$30 billion investment in doubt. According to Bloomberg news agency, which quotes the company’s Senior Vice President Neil Chapman, during a conversation with analysts, there is no forecast on when the investment decision will be made on the natural gas plant in the Rovuma basin, as the oil company needs to secure power supplies from the neighbouring plant operated by…

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Total to press on with Mozambique LNG project in spite of insurgency

MOZAMBIQUE – Total intends to continue its major gas project in Mozambique despite the armed insurgency that has plagued the country since 2017 as it trusts the authorities to ensure its safety, in return for a solid financial contribution. Armed insurgency has been targeting the central government in Maputo in the Cabo Delgado province, where most of the major gas discoveries have been made in recent years. The insurgency is led by al-Shabab, a group that pledged allegiance to the Islamic state in 2019 and who is increasing attacks in…

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Exxon and Total in talks over Mozambique LNG resource-sharing deal

MOZAMBIQUE – ExxonMobil and Total are in negotiations over their massive LNG projects in Mozambique, with each seeking to extract more gas from a shared field that straddles the two developments and cut costs, sources familiar with the matter told Reuters. The talks between the energy giants also involve the Mozambican government, which has to give final approval to any new agreement. The field that straddles the projects happens to contain gas that is thicker and therefore cheaper to extract and convert into LNG than reserves elsewhere in the projects.…

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Exxon Mobil to exploit oil in Angola’s Namibe Basin

ANGOLA- Angola’s National Oil and Gas Agency (ANPG) has signed an agreement with US oil company Exxon Mobil, for the exploration of crude oil in Blocks 40, 44 and 45 in the Namibe Basin. The agreement was signed by the chairman of the board of ANPG, Paulino Jerónimo and Exxon Mobil general director in Angola, Andre Kosteinik. Speaking at the event, Paulino Jerónimo, Chairman of ANPG said that the act was part of the implementation of Angola 2020/2025 hydrocarbon exploration strategy recently approved by the Government. The plan aims to…

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Exxon-Mobil and Petronas plan to dispose stakes in Chad-Cameroon oil pipeline

CHAD – Petroliam Nasional Bhd. (Petronas) is considering selling its 35% stake in the Chad project with Exxon Mobil Corperation (Exxon) working with another adviser to sell their 40% stake as well, reports Business Wire. The project for sale includes oil fields in southern Chad and a pipeline that transports crude oil to a marine terminal in Cameroon for export. According to Michael Carter, Head of Global Equities at Osaka Matsui Management, the combined holdings of both oil companies could be worth over US$1 billion. Officially commissioned on October 3,…

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Exxon Mobil partners with ONGC to develop India’s offshore oil reserves

INDIA – Global energy giant Exxon Mobil Corp has entered into an agreement with India’s biggest state-owned explorer Oil and Natural Gas Corp Ltd which will see the energy giant offer its expertise and technology to help India develop its resources in offshore blocks, according to a Reuters report. The memorandum of understanding (MoU), developed in October this year, will be later signed as a definitive deal after Exxon studies the blocks of the company, one of the sources told Reuters. “It is a non-binding agreement. It is a technical…

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