JOHANNESBURG/MILAN: ExxonMobil and Total are in negotiations over their massive LNG projects in Mozambique, with each seeking to extract more gas from a shared field that straddles the two developments and cut costs, three sources familiar with the matter told Reuters.
Across the industry, most companies have been forced to delay decisions on new LNG projects and write down investments in existing production plants, in stark contrast to last year's record level of approvals for plants.Success in the talks could be particularly important for Exxon, which still has to woo investors ahead of a delayed final investment decision on its US$30 billion Rovuma LNG project, which the sources now don't expect until early 2022.
"ExxonMobil continues to actively work with its partners and the government to optimise development plans by improving synergies and exploring opportunities related to the current lower-cost environment," he added. This would mark a considerable efficiency gain for Rovuma's phase one, projected by Exxon to last 25 years.
In April, Exxon delayed its FID on the Rovuma project, which had been expected this year, as it prepared to make cuts to capital expenditure across its business amid diving oil prices.
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