Rovuma LNG partners secure offtake commitments

MAPUTO, December 28, 2018 – The partners in Mozambique’s Area 4 have secured enough offtake commitments to move towards a final investment decision on Rovuma LNG, ExxonMobil and Eni announced Friday.

The commitments will provide the basis for project funding, the companies said in a statement. Fully termed offtake agreements are set to be finalised over the next weeks.

“These commitments are an important step forward for the Rovuma LNG project and provide a solid foundation for securing project financing. This achievement highlights the strength of our partnership and commitment to developing Mozambique’s natural resources,” Massimo Mantovani, Eni chief gas and LNG marketing and power officer, said in a company statement.

Mozambique Rovuma Venture, a JV between ExxonMobil, Eni and CNPC, holds a 70% stake in offshore Area 4. Empresa Nacional de Hidrocarbonetos, Galp and Kogas each hold a 10% interest.

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