Exxon Mobil (XOM.N) is considering lifting force majeure on its $30 billion liquefied natural gas (LNG) project in Mozambique as security conditions in the country improve, CEO Darren Woods told investors on Friday during an earnings call, according to Reuters
“Total just lifted their force majeure, and we’re looking at, and are in the process of, trying to do the same,” Woods said, referring to French energy firm TotalEnergies, which is developing a related, but separate, project nearby.
Earlier this week, Reuters reported that Exxon could not make a final investment decision on its Rovuma LNG project until TotalEnergies resumes work after lifting a force majeure imposed following an Islamist-linked insurgent attack four years ago. Exxon is affected because the two projects share facilities.
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While a press briefing scheduled for Wednesday with Mozambique President Daniel Chapo at Exxon’s headquarters in Spring, Texas, was canceled, Woods said he held a productive visit with the leader. “Where we’re at with Mozambique right now is in a very good place,” he said.
Exxon has previously indicated it hopes to make a final investment decision on Rovuma LNG in early 2026, with the first cargo expected by 2030.
Exxon is leading the construction and operation of onshore liquefaction facilities, while Italy’s Eni (ENI.MI) is responsible for floating production units in the deepwater block, Coral North and South.
Completion of the projects by Eni, Exxon, and TotalEnergies could position Mozambique among the top 10 global gas producers by 2040, according to a Deloitte report last year.
TotalEnergies and Mozambique’s government still need to resolve pending matters related to the overall budget
Mozambique Yet To Decide On Revised Budget For TotalEnergies’ LNG Project, contract development, and production periods for their Mozambique LNG project.
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Image Credit: Reuters
