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ExxonMobil expands Africa footprint

ExxonMobil has signed an agreement to enable the acquisition of a 25 percent indirect interest in the natural gas-rich Area 4 block offshore Mozambique.

Africa - highlighting Mozambique - map

Darren Woods, chairman and CEO of ExxonMobil, said the asset is a major addition to the company’s global development portfolio.

“This strategic investment will enable ExxonMobil’s LNG leadership and experience to support development of Mozambique’s abundant natural gas resources,” Woods said. “Our industry-leading project execution, advanced technologies, financial strength and marketing capabilities will help deliver reliable, affordable energy to customers and create long-term economic value for the people of Mozambique, project partners and ExxonMobil shareholders.”

The deepwater Area 4 block contains an estimated 85 trillion cubic feet of natural gas, which will provide resources for a world-class liquefied natural gas project.

The acquisition will be completed following clearance from Mozambican and other regulatory authorities.

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