ExxonMobil Raises Rovuma LNG Stake to 50% as Mozambique’s US$30 Billion Gas Megaproject Moves Closer to Approval
ExxonMobil has strengthened its position in Mozambique’s Rovuma LNG development after increasing its stake in the project from 37.5% to 50% through a strategic asset swap with Italian energy major Eni.
The transaction reinforces ExxonMobil’s commitment to one of Africa’s largest planned natural gas developments and comes as project partners prepare for a final investment decision expected before the end of 2026.
The company will retain operatorship of the project, giving it greater control over the development’s execution and long-term strategy.
The ownership restructuring marks a significant milestone for the Rovuma LNG project, which is expected to require an estimated US$30 billion in investment.
Project partners have already begun advancing key pre-construction activities, including a US$1.1 billion commitment to long-lead equipment announced in August 2026.
The procurement package is seen as an important step in maintaining project momentum ahead of a final investment decision.
Located in Mozambique’s gas-rich Rovuma Basin, the project is designed to produce approximately 18.6 million tonnes of liquefied natural gas (LNG) annually once fully operational.
Production is currently targeted to commence in 2031, positioning Mozambique as one of the world’s leading LNG-exporting nations and a key supplier to international energy markets.
The increased stake provides ExxonMobil with a larger share of future production and potential revenues from the project at a time when global LNG demand continues to grow.
Industry analysts view the move as a strong signal of confidence in Mozambique’s long-term role within the global gas sector, despite challenges that have previously delayed development.
Rovuma LNG is widely regarded as one of the most important energy projects on the African continent.
The development is expected to generate significant export revenues for Mozambique, create employment opportunities and attract billions of dollars in additional investment across the country’s energy and infrastructure sectors.
The project forms part of broader efforts to unlock the vast natural gas resources discovered offshore Mozambique over the past decade.
Together with other LNG developments in the region, Rovuma LNG is expected to strengthen Southern Africa’s position in global energy markets while contributing to long-term economic growth and industrial development.
