Coral South Project in Mozambique Ships First LNG Cargo and Helps Meet Global Demand

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  • The floating production vessel is expected to produce up to 3.4 million metric tons of LNG per year
  • First development to produce from the Rovuma Basin in Mozambique
  • New Volumes Add to ExxonMobil’s Expanding Global LNG Portfolio

IRVING, Texas–(BUSINESS WIRE)–ExxonMobil announced the first shipment of liquefied natural gas (LNG) from the $8 billion floating Coral South (FLNG) LNG project offshore Mozambique, bringing additional LNG volumes to the global energy market.

Coral South produced its first volumes of LNG in early October, following the on-time start-up of the FLNG. The Coral South FLNG is expected to produce 450 billion cubic meters of natural gas from the Coral Reservoir in Mozambique’s Rovuma Basin – and liquefy 3.4 million metric tonnes of that gas for transportation, each year.

“The Coral South project will bring significant long-term economic value to the people of Mozambique,” ​​said Peter Clarke, head of ExxonMobil’s LNG business. “Today’s first cargo milestone is a testament to the hard work, continued investment and successful execution of our integrated consortium team. Mozambique joins the ranks of global LNG producers and contributes to the global supply of LNG at a time when the world needs it most.

Low-emission LNG is playing an increasingly important role in ExxonMobil’s portfolio. The company plans to nearly double its LNG offerings by 2030 as low-cost, capital-efficient projects like Coral South come online.

Coral South is operated by Eni, the upstream operator of the Area 4 consortium, which includes Eni, ExxonMobil, CNPC, Galp, Kogas and ENH. Zone 4 is operated by Mozambique Rovuma Venture SpA (MRV), an incorporated joint venture owned by ExxonMobil, Eni and CNPC, which holds a 70% interest in the Zone 4 exploration and production concession contract. Galp, KOGAS and Empresa Nacional de Hidrocarbonetos EP each hold a 10% stake.

About ExxonMobil

ExxonMobil, one of the world’s largest publicly traded energy and petrochemical companies, creates solutions that improve the quality of life and meet the changing needs of society.

The company’s core businesses – Upstream, Product Solutions and Low Carbon Solutions – provide products that enable modern living, including energy, chemicals, lubricants and low-emission technologies. ExxonMobil has an industry-leading portfolio of resources and is one of the world’s largest integrated fuels, lubricants and chemicals companies. To learn more, visit exxonmobil.com and the Energy factor.

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Caution :

Outlook-related statements; projections; descriptions of strategic, operational and financial plans and objectives; declarations of ambitions and future projects; and other statements of future events or conditions, are forward-looking statements. Actual future results, including project plans, schedules, costs, returns, and capabilities; ultimate recoveries; operating performance and demand projections could differ materially due to changes in market conditions affecting the oil and gas industry or long-term oil and gas price levels; political or regulatory developments; reservoir performance; timely completion of development projects; technical or operational factors; the outcome of future business negotiations, including final agreed terms; unforeseen technical or operating difficulties and unscheduled maintenance; and other factors discussed under “Factors Affecting Future Results” in the Investor Information section of our website (www.exxonmobil.com) and in Item 1A of our most recent Form 10-K. References to gas quantities include volumes that are not yet classified as proved reserves under SEC rules but which we believe will be produced in the future. The term “project” as used in this release can refer to a variety of different activities and does not necessarily have the same meaning as in government payment transparency reports.

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