Exxon’s project in the northern Cabo Delgado province will cost between $27 billion and $33 billion, according to a report that Johannesburg-based Standard Bank Group Ltd. published in March. The 15.2-million ton per year gas liquefaction and export project is even bigger than the one that Total is building nearby, and both will transform Mozambique’s $15 billion economy.
“We look forward to progressing the Rovuma LNG project and working with the government to maximize the long-term benefits that this project will bring,” a spokesman for Exxon said in an emailed response to questions.
The investment decision could boost President Filipe Nyusi’s chances in general elections scheduled a week later. A promise to develop the country’s natural gas industry has formed a big part of Nyusi’s campaign.
Illustration: Leila Dougan | An impoverished country with a history of conflict, graft and poor governance is more likely to be cursed by a resource windfall.
Mozambique, unfortunately, falls into this category, says the writer. (Image sources: Bureau of Safety and Environmental Enforcement BSEE/Flickr / Matt Hardy/Unsplash / Map by PICRYL)