Industry Trend Analysis - Expertise To Drive Afungi Momentum - MAY 2017
BMI View: The entry of ExxonMobil into Area 4 in Mozambique will provide significant financial and technical backing to the onshore Afungi LNG project . Exxon's position leading the construction and operation of the project will add momentum for a FID within the next 18 months.
ExxonMobil have agreed to acquire a 25% stake in the Area 4 offshore block from Eni in a sale worth USD2.8bn. Following the transaction, Eni and ExxonMobil will both own a 37.5% share in the subsidiary company Eni East Africa (remaining 28.6% by CNPC), which owns 70% of the Area 4 block. The remaining interests in Area 4 are held by Empresa Nacional de Hidr ocarbonetos de Mozambique E.P. (10%), Kogas (10%), and Galp Energia (10%). Importantly, Exxon will now become operator of the proposed onshore LNG facility.
Support for FID Grows
|Onshore Exports To Follow Coral FLNG|
|Mozambique: Net LNG Exports, bcm|
|e/f - BMI estimate/forecast. Source: BMI/EIA|