Exxon Mobil Corp. is close to lifting the force majeure in Mozambique that has hindered progress on the Rovuma LNG project, Chief Executive Officer Darren Woods said. Once the restriction is removed, the company plans to move “fairly quickly” toward a final investment decision.
Woods told Bloomberg Green’s Zero podcast in São Paulo, during the COP30 climate summit, that the force majeure is expected to be lifted “in the very near future.” The company will then advance with the Rovuma LNG project, which is set to become one of the world’s largest liquefied natural gas developments and a major driver of Mozambique’s economic transformation.
The provision was implemented in 2021 after Islamic State-linked militants attacked the town of Palma, near the project site in northern Mozambique, causing years of delay. TotalEnergies SE, which is leading a similar project in the area, is also resuming operations. Together, the Exxon and TotalEnergies ventures are expected to reshape the economy of one of the world’s poorest nations while supplying natural gas to global markets for decades.
“We took the time to refine the design and come up with what we thought was the best concept,” Woods said. “That work has been ongoing, so I think we’ll be able to advance fairly quickly once force majeure is lifted.”
Woods also addressed Exxon’s broader strategy, including its pursuit of low-cost resources to replace the 4.7 million barrels it produces daily, and its plans to meet oil and gas demand through 2050, despite the global energy transition.
When asked about potential acquisitions, Woods dismissed the idea that low oil prices create “cheap buying opportunities,” noting that companies capable of weathering downturns tend to wait out market cycles. “There’s probably not going to be a lot of distressed buying happening in a lower price environment this time around,” he said.
Discussing other markets, Woods said Exxon’s production-sharing contracts in Qatar remain part of its long-term plans through 2030 and emphasized that any investment must compete within the company’s portfolio. On Guyana, he confirmed that the eighth project there will likely be gas-focused, aligning with the government’s goal to expand domestic power generation.
Regarding Venezuela, Woods noted Exxon’s past expropriations and said the company would only consider new opportunities if the economic conditions proved favorable.
Source: Bloomberg
