MAPUTO – MOZAMBIQUE has made a giant leap to becoming a major source of natural gas to customers around the world.
This follows Wednesday’s completion of a transaction by ExxonMobil Development Africa to acquire a 25 percent indirect interest in Mozambique’s gas-rich Area 4 block from Italy’s Eni.
It will assume responsibility for midstream operations.
Natural gas is projected to be the world’s fastest-growing major fuel source.
The deepwater Area 4 block contains an estimated 85 trillion cubic feet of natural gas in place.
“ExxonMobil brings our LNG leadership and experience to support development of Mozambique’s high-quality natural gas resources,” said Darren Woods, Chairman and Chief Executive Officer, ExxonMobil.
The American firm ExxonMobil is the largest publicly traded international energy company.
ExxonMobil now owns a 35,7 percent interest in Eni East Africa (to be renamed Mozambique Rovuma Venture), which holds a 70 percent interest in Area 4, and is co-owned with Eni (35,7 percent) and CNPC (2,6 percent).
The remaining interests in Area 4 are held by Empresa Nacional de Hidrocarbonetos (10 percent), Kogas (10 percent) and Galp Energia (10 percent).
Huge quantities of offshore gas have been discovered in northern Mozambique in the past decade. This promises reward for the poverty stricken Southern African country of 29 million people.
– CAJ News