03-13-2017, 11:14 PM
Exxon Mobil said it will buy a 25% stake in a project off Mozambique from Italy’s Eni SpA for about $2.8 billion as the U.S. oil giant expands in natural gas. Eni will continue to lead the Coral floating liquefied natural gas project and all upstream operations in Area 4 while Exxon Mobil will lead the construction and operation of gas liquefaction facilities onshore, Exxon said in a statement Thursday. The purchase will be completed after a number of conditions are passed, notably clearance from the authorities in Mozambique.
Exxon Mobil to buy stake in Mozambique block from Eni for $2.8 billion
Exxon Mobil Corp. plans to spend about $20 billion on refineries, petrochemical plants and other projects in and around the Gulf of Mexico, Chief Executive Darren Woods said Monday, underscoring how the giants of the global energy industry are turning to America. Mr. Woods outlined the 11-project spending plan, largely aimed at creating new outlets for U.S. natural gas, in a speech at the annual CERAWeek conference.
Exxon’s $20 Billion Spending Plan Points to U.S. Energy Surge - WSJ
The upstream technology breakthroughs that led to the U.S. shale revolution have, in turn, enabled a new downstream manufacturing renaissance, said Exxon Mobil CEO Darren Woods at the IHS CERAWeek event on Monday in Houston. After increasing the company’s Permian basin holdings to 250,000 acres earlier this year, Woods announced at the conference that the company plans to capitalize on its shale resources with a $20-billion manufacturing expansion along the Gulf Coast
CERAWeek '17: Exxon unveils $20-billion Gulf Coast project, Novak says no to OPEC