ExxonMobil increases stake in Mozambique’s Rovuma LNG project

Prior to this agreement, ExxonMobil held an indirect 25% stake in Area 4, the concession where Rovuma LNG is developing resources through Mozambique Rovuma Venture (MRV). MRV is a joint venture comprising ExxonMobil, Eni, and CNODC, a subsidiary of China’s CNPC, and holds 70% of the concession.

The revised project aims to produce 18.6 million tonnes of liquefied natural gas (LNG) per year, up from the initial design of 15.2 million tonnes. This will be achieved using twelve liquefaction modules, each with a capacity of 1.55 million tonnes, powered by an initial development of eighteen offshore wells.

ExxonMobil intends to manufacture parts of the facilities abroad before assembling them on-site. The company also highlights the use of electric-powered liquefaction, which it estimates will reduce greenhouse gas emissions by up to 40% compared to conventional large units. The focus is on avoiding further delays in equipment manufacturing.

On August 17th, ExxonMobil announced approximately $1.1 billion in pre-investment contracts for subsea production systems, valves, and pipelines. A letter of intent was awarded in August to the SMDC consortium, comprising Saipem, McDermott, Daewoo Engineering & Construction, and China Petroleum Engineering & Construction Corporation, for limited engineering and procurement services for the onshore component.

The project has faced repeated delays, initially targeting a final investment decision in 2019 and production in 2024. Security concerns in Cabo Delgado contributed to these setbacks. ExxonMobil lifted the force majeure on Rovuma LNG in November 2025, but security risks and logistical challenges remain. The current target for project startup is now 2031.

According to a Standard Bank study from June, Rovuma LNG could add approximately $11 billion annually to Mozambique’s GDP. ExxonMobil separately estimates cumulative public revenues of around $150 billion over thirty years of operation. These projections are contingent on the project’s timeline, costs, and gas marketing conditions.

ExxonMobil anticipates mobilizing around 7,500 Mozambicans for onshore and offshore activities, with 700 during operation. The company also plans to invest approximately $6 billion in the Mozambican economy and establish a $40 million training center.