A final investment decision on ExxonMobil’s huge Rovuma liquefied natural gas project in Mozambique appears set to slip into 2023 as the US supermajor and its partners continue to grapple with costs and market conditions.
LNG project proponents will not commit to capital-hungry schemes such as Rovuma until they know how the market responds to 49 million tonnes per annum of Qatari liquefaction capacity coming online between 2025 and 2027.
According to three people familiar with ExxonMobil’s massive Rovuma project, 2023 is now the most realistic date for a project sanction, four years later than originally planned, targeting first production in 2028, three years after Total’s neighbouring 13.1
