MAPUTO, Oct 30 – ExxonMobil has increased its stake in Mozambique’s planned Rovuma liquefied natural gas (LNG) project to 50% from 37.5% following a swap with Italian energy company Eni SpA, expanding its ownership position in one of Africa’s largest proposed gas developments.
ExxonMobil Holdings Corp. will retain operatorship of the project, Chief Financial Officer Neil Hansen said during an interview. The transaction increases the US oil major’s participation as the development advances towards a final investment decision expected by the end of 2026.
The ownership adjustment comes as ExxonMobil and its partners move ahead with preparations for the estimated $30 billion project. In August 2026, the consortium committed $1.1 billion to long-lead equipment, an early procurement step taken ahead of the final investment decision.
Rovuma LNG is designed to produce approximately 18.6 million tonnes of LNG annually, with operations expected to begin in 2031.
The project is central to Mozambique’s ambition to become a major global LNG supplier, leveraging substantial natural gas discoveries in the Rovuma Basin. Its development is also expected to support investment, infrastructure expansion and government revenues, although the proposed timeline remains dependent on the project’s progression through its investment and construction stages.
ExxonMobil’s increased stake gives the company a larger ownership position in the development while retaining responsibility for operating the project.
