Mozambique Area 4 Progressing Rovuma LNG Marketing

ExxonMobil
and Eni said today that marketing efforts are underway for the Rovuma
LNG project, which will produce, liquefy and sell natural gas from the
gas fields of the Area 4 block offshore Mozambique.

Senior management representatives of the co-venture parties (ExxonMobil,
Eni, CNODC, ENH, Kogas and Galp) met today during World Gas Conference
in Washington, D.C. to affirm marketing progress.

“The key strength of Area 4 is the quality of the co-venture
partnership,” said Massimo Mantovani, Eni chief gas and LNG marketing
and power officer. “Following the final investment decision on Coral
South FLNG in 2017, we are working together to develop the remaining gas
fields which will feed the Rovuma LNG trains, taking full advantage of
the expertise of all our co-venture parties.”

“We have made significant progress on marketing and are now in active
negotiations on binding sales and purchase agreements for Rovuma LNG
with some affiliated buyer entities of the Area 4 co-venturers,” Peter
Clarke, president of ExxonMobil Gas and Power Marketing Company, said at
the World Gas Conference. “These commitments will help us progress
toward a final investment decision, which we expect to reach in 2019.”

The initial phase of the Rovuma LNG project will develop the Mamba
reservoirs in Area 4 and help deliver reliable, affordable energy to
customers and create long-term economic value for the people of
Mozambique and the project’s co-venturers.

ExxonMobil Moçambique Limitada will lead construction and operation of
liquefaction trains and related onshore facilities for the Rovuma LNG
project, while Eni Rovuma Basin will lead upstream developments and
operations. In parallel to the marketing, the co-venturers are also
advancing financing activities and working with the government of
Mozambique to progress approval of the project.

About Area 4

The Area 4 concession is located offshore of the Cabo Delgado province
of northern Mozambique and is operated by Mozambique Rovuma Venture
S.p.A., owned by ExxonMobil Development Africa B.V., Eni S.p.A. and
CNODC Dutch Cooperatief U.A., which holds a seventy percent interest
alongside Galp Energia Rovuma B.V., KG Mozambique Ltd. and Empresa
Nacional de Hidrocarbonetos E.P., each of which holds a 10 percent
interest.

About ExxonMobil

ExxonMobil, the largest publicly traded international energy company,
uses technology and innovation to help meet the world’s growing energy
needs. ExxonMobil is a global leader in LNG project execution and holds
an industry-leading inventory of resources, is one of the largest
refiners and marketers of petroleum products, and its chemical company
is one of the largest in the world. For more information, visit www.exxonmobil.com
or follow us on Twitter www.twitter.com/exxonmobil.

Cautionary Statement: Statements of future
events or conditions in this release are forward-looking statements.
Actual future results, including project plans and timing and execution
of final sales and purchase agreements, could differ materially due to
market prices of oil and natural gas and other economic conditions
affecting the supply and demand for LNG in relevant markets; the outcome
of commercial negotiations; actions of competitors; changes in political
or regulatory factors; and other factors cited under the caption
“Factors Affecting Future Results” on the Investors page of our website
at www.exxonmobil.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20180627006355/en/

Source: Business Wire
(June 27, 2018 - 7:09 PM EDT)

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