What's Happening?
ExxonMobil has lifted the force majeure on its Rovuma LNG project in Mozambique, a move that allows work to resume on this significant gas development. The force majeure was initially declared due to security
concerns following an attack by Islamic State-affiliated militants in 2021. With security conditions improving, ExxonMobil is now poised to make a final investment decision on the project, expected next year. The project, along with a nearby LNG plant by TotalEnergies, is anticipated to transform Mozambique into a major energy exporter.
Why It's Important?
The lifting of the force majeure is a critical step in advancing Mozambique's potential as a global energy supplier. The Rovuma LNG project is expected to produce significant economic benefits for Mozambique, one of the world's poorest countries, by creating jobs and boosting local infrastructure. For ExxonMobil, this development aligns with its strategy to expand its LNG supply portfolio, meeting the growing global demand for natural gas. The project's success could also enhance energy security and diversify energy sources for international markets.
