Africa Monitor Intelligence
Mozambique: Possible Exit by Exxon Mobil from LNG Paves Way for Chinese Oil Companies
Sources in the sector believe that the Afungi project will be continued by the Area 1 and Area 4 consortia, considering that the current stage of development of construction and financing no longer allows for setbacks in the ongoing project in Cabo Delgado, although it may affect the group's new projects.
Exxon Mobil's position, however, is not taken for granted. An anticipated possibility will be the sale of Exxon Mobil's stake in Mozambique Rovuma Venture SpA (MRV), especially in a context in which, despite improvements, security conditions in Cabo Delgado remain uncertain, devaluing the consortium's assets, similarly to what happens with Area 1, whose development in Afungi is suspended until conditions for recovery are met - probably in 2022. READ MORE