LNG

ExxonMobil said it planned to invest more than $500 million in the initial construction phase of its liquefied natural gas project in Mozambique as part of the Area 4 resources development with its partners including Italian energy company Eni and China National Petroleum Corp.

The Mozambique government said US energy giant Exxon Mobil and partners such as PetroChina have finalized their investment plan for the southeast African nation’s Mamba LNG project backed by offshore Rovuma Basin resources and would hold a signing ceremony on October 8 in the capital Maputo.