ExxonMobil Doubles Down on Mozambique: Stake in Rovuma LNG Set to Jump to 50%
ExxonMobil is taking a bigger share of Mozambique’s gas future. The company has reached agreement to raise its working interest in the Rovuma LNG project to 50 per cent, it said in its third-quarter 2026 results on Oct. 30. ExxonMobil already operates Rovuma, and has previously said it is targeting a final investment decision on the project by the end of the year.
The same announcement lifts its interest in Papua LNG in Papua New Guinea to 34 per cent, where ExxonMobil said it has assumed operatorship. The release did not name the counterparties or give terms, World Oil reported.
The company also reported cumulative production milestones of 1 billion barrels at both its Guyana operations and the Kearl oil sands project in Canada, and 100 million tons at PNG LNG.
Upstream production averaged 4.496 million barrels of oil equivalent per day (MMboed) in the third quarter, compared with 4.514 MMboed in the second. ExxonMobil said volume growth in Guyana, the Permian basin and Golden Pass LNG lifted year-to-date upstream earnings. Compared with the second quarter, upstream earnings fell on lower prices and an accelerated Guyana entitlement impact.
On carbon capture and storage, the company reported a startup at Nucor and approval of the Rose carbon storage project.
ExxonMobil posted third-quarter earnings of $15.4 billion and said it plans $20 billion of share repurchases in 2027.
Source: orientalnewsng.com, worldoil.com
