Exxon’s Rovuma LNG project down but not out
Partners in Mozambique project could seek further cost cuts as global revenue slump looks set to endure
The ExxonMobil-led Rovuma LNG project in Mozambique is the latest high-profile energy venture to suffer delay, as the coronavirus pandemic’s impact on the energy sector deepens. The company announced on 7 April that FID on the £30bn project would not be made in 2020 as planned. It stated it would continue to “actively work with its partners and the government to optimise development plans by improving synergies and exploring opportunities related to the current lower-cost environment”. Rovuma LNG is envisaged as a 15mn t/yr two-train project, based on reserve estimates exceeding 85tn ft3 from deepwater offshore Area 4. “In our base case, we see Rovuma kicking off in 2021” Saraswat, Ry
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