Market Overview

Rovuma LNG Development Plan Approved by Mozambique Government

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  • Two liquefied natural gas trains planned with combined annual capacity
    over 15 million tons
  • Final investment decision expected later this year
  • Local workforce development a key priority

Mozambique Rovuma Venture said today that the government of Mozambique
had approved its development plan for the Rovuma LNG project, which will
produce, liquefy and market natural gas from three reservoirs located in
the Area 4 block offshore Mozambique, two of which straddle the boundary
with neighboring Area 1.

"The development plan approval marks another significant step toward a
final investment decision later this year," said Liam Mallon, president
of ExxonMobil Upstream Oil & Gas Company. "We will continue to work with
the government to maximize the long-term benefits this project will
bring to the people of Mozambique."

The Rovuma LNG project will work to build the local workforce through
focused recruitment and skills development.

"This is the third development plan approved in this five-year period to
enable the sustainable development of the huge natural gas reserves
discovered in the Rovuma basin and represents the government's
commitment to ensure the implementation of projects that will drive the
development of Mozambique," said Ernesto Elias Max Tonela, minister of
mineral resources and energy.

"We want Mozambican entrepreneurs and Mozambicans to be the main
beneficiaries of the various business opportunities made available by
the multinationals because we believe that these companies should grow
with the national businesses and with Mozambique," added Tonela.

The marketing effort for the LNG produced from the Rovuma LNG project is
jointly led by ExxonMobil and Eni. Sales and purchase agreements for 100
percent of the LNG capacity for trains 1 and 2 have been submitted to
the government of Mozambique for approval, which together will produce
more than 15 million tons of LNG per year.

"The expected production from the Area 4 block will generate substantial
benefits for Mozambique and the Area 4 partners," said Alessandro
Puliti, Eni's chief development, operations & technology officer. "The
development plan details our commitment to train, build and employ a
local workforce and make gas available in support of Mozambique's
industrialization."

The Rovuma LNG partners have developed a series of plans to support
community development in line with the government's priorities. During
the production phase, the Rovuma LNG project expects to provide up to
17,000 tons of liquefied petroleum gas (LPG) per year in Mozambique from
Area 4 resources, which is currently about 50 percent of the country's
LPG imports, and will dramatically improve access to energy. The Area 4
partners also plan to distribute up to 5,000 LPG burners and cooking
stoves in the Afungi area to replace the burning of wood.

Area 4 is operated by Mozambique Rovuma Venture S.p.A. (MRV), an
incorporated joint venture owned by ExxonMobil, Eni and CNPC, which
holds a 70 percent interest in the Area 4 exploration and production
concession contract. Galp, KOGAS and Empresa Nacional de Hidrocarbonetos
E.P. each hold a 10 percent interest.

ExxonMobil will lead construction and operation of natural gas
liquefaction and related facilities on behalf of MRV, and Eni will lead
construction and operation of upstream facilities.

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, timing and capacities,
execution of final sales and purchase agreements, and economic impacts
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, including
obtaining necessary government permits and approvals; timely completion
of development projects; unforeseen technical or operational factors;
and other factors cited under the caption "Factors Affecting Future
Results" on the Investors page of our website at www.exxonmobil.com.
The term "project" as used in this release may refer to a variety of
activities and does not necessarily have the same meaning as in any
government payment transparency reports.

Shorthand references herein are used for convenience only. Nothing
contained herein is intended to override the corporate separateness of
affiliated companies or co-venture parties.

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