Exxon Mobil Corp. will not be making a final investment decision on its $30 billion Mozambique LNG project, Reuters reported Oct. 7, citing a source familiar with the matter.
Instead of the decision, or FID, Exxon, along with its partners Eni SpA, Korea Gas Corp. and China National Petroleum Corp., will announce the contractors for the project during a signing ceremony, the Mozambique administration has announced, according to Reuters.
"The FID will be later, but it's a step forward before the [Mozambique presidential] elections," a source told Reuters. "I expect they will give a target [on FID timing] on Tuesday."
Exxon did not respond on the matter, according to the article.
Exxon took over the Mozambique project in December 2017, following a $2.8 billion deal with Eni, according to the report. The 15 million-tonne-per-annum project, in addition to a $20 billion 13-mtpa project of Total SA and Eni's $8 billion 3.4-mtpa facility, would boost Mozambique's LNG export capacity to 31 mtpa, Reuters said.
