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Will Exxon Greenlight This Huge LNG Project?

Production

Exxon has secured long-term purchasing commitments for liquefied natural gas from its Rovuma project in Mozambique, moving closer to a final investment decision on a facility that will add as much as 15.2 million tons of LNG to global capacity.

In a statement, the oil supermajor, which also has significant plans in the liquefied natural gas area, said the commitments are awaiting finalization and will then need to get the approval of the government of Mozambique. Once this is done, Exxon and its partners in the project will move forward with the final investment decision on the project. Production is slated to begin in 2024.

Exxon has extensive participation in LNG projects around the world, including in Qatar, the world’s biggest producer and exporter of the commodity that is seen as the bridge fuel between the fossil fuel and the renewable energy eras. Exxon also has a stake in Chevron’s Gorgon project in Australia, one of the largest globally, and is the operator of the PNG LNG facility in Papua New Guinea.

According to the company, it has stakes in LNG capacity totaling more than 65 million tons per year. Mozambique is a hot spot for LNG hopefuls right now, with the country believed to be home to some of the most abundant natural gas reserves. S&P Global Platts reports that Mozambique could become the third-largest LNG producer in sub-Saharan Africa in a few years, with total planned capacity to be added standing at 25 million tons per year, as per Wood Mackenzie calculations.

In the Rovuma project, Exxon has partnered with Italy’s Eni, China’s CNPC, and the Mozambican state oil and gas company with a minority stake. It is in direct competition with a U.S. oil independent, Anadarko, which is also set to make a final investment decision on its Mozambican venture, Area 1, in 2019.

By Irina Slav for Oilprice.com



29 Comments on "Will Exxon Greenlight This Huge LNG Project?"

  1. Shortend on Wed, 2nd Jan 2019 3:17 am 

    It’s the only game it town….boy, the once mighty have fallen….soon they will be creating oil out of algae….right…just because they advertise it on TVeee…LOL

  2. Antius on Wed, 2nd Jan 2019 6:41 am 

    Does anyone still think societal collapse is far-fetched?

    https://surplusenergyeconomics.wordpress.com/2018/12/30/143-fire-and-ice-part-one/#comments

    Disposable prosperity in France, i.e. purchasing power after tax and essential goods are subtracted, declined 38% between 2000 and 2017. No wonder there is rioting. Every country in the developed world has experienced declines in disposable prosperity since 2000. UK: 30%; Spain: 28%; Italy: 26%; Netherlands: 24%; US: 17%.

    On paper, GDP keeps rising, giving politicians the impression that their countries are growing richer. But GDP is now created by spending borrowed money within the economy, which must be paid back with interest. Dark times are ahead for all of us. The example of France tells us that some sort of reckoning cannot be too distant. Indeed, 2019 could be the year in which things seriously start to unravel.

  3. Cloggie on Wed, 2nd Jan 2019 7:10 am 

    This will be the real reason for “collapse”, demographics:

    https://documents1940.wordpress.com/2019/01/02/1297/

    Dutch demographics. Note that by 1970, Holland was virtually a 100% white country.

    Over 50 years we had 2 million, dis-proportionally non-productive parasites added to the mix, thanks to that f* empire.

    Here some telling handout data:

    https://www.geenstijl.nl/4525881/cbs_70_van_somaliers_zit_in_bi/

    Hollanders: almost all work (1 month per year to keep the darkies alive, data 2000, must be much worse now).

    Somalis are the worst: 70% on life-support

    THAT’s where all the money went, not peak oil idiocy.

    Once the first US carrier goes down in the South China Sea at the hands of the Chinese, we can finally clean up the joint of leftist US deep state c*ck suckers at home at give them the 1989 treatment, most of all those in the media, judiciary, politics, academia.

    #EuropeFirst

  4. Davy on Wed, 2nd Jan 2019 7:42 am 

    “Does anyone still think societal collapse is far-fetched?” No, “but”, I have been actively studying this daily for 18 years now. I am actively walking my talk. I have come to the conclusion collapse or not is the wrong way to look at it. Yes, the whole ball of wax could go tomorrow for many human and geologic reasons but where humans fail the understanding is with location, time frame, and processes. Human’s want closure in abstract ways. We are confused by abstractions and the actual. We dream and fantasize with science and logic. We confuse complicated with adaptive and emergent of the complex. Understanding of the complex with its nonlinear and its influence by chaos and entropy is beyond human and supercomputers. This decline could very well go on for years with localized failure and centralized triage both with the global and regionally. There is plenty of low hanging fruit left. We have plenty of wealth transfer and infrastructure cannibalization ahead. We also have a plenty of constructive change with knowledge, technology, and industry to combat the systematic destructive change associated with a paradigm shift of a late term civilization that is collapsing. The potential is there to power through decline for years if we do not blow ourselves up in the process.

    I am on the fence on where we are going. It is much like my early religious journeys that lead to philosophical, theological, and comparative thought journeys. These finally ended up somewhat mystically in that who the frig knows what is what beyond a point. The more you know the more you understand how little you know and often you long for the simpler times as a sheeple. Is it really better to know you don’t know or just be a sheeple and live? Anyway I have come to the conclusion that those who argue for and against a collapse are both wrong. I especially see though with packaged agendas as wrong. Many of their facts and some of their rationale is truth based but where they are wrong is the package and the belief that they alone are right and just and the others side wrong and unjust. This is just more of the folly of the dualistic human mind reaching form meaning in a swamp of existential drift. I have come to the conclusion that the status quo is not resilient and not sustainable but with no certainty of time frame. This condition is following the trajectory all ecosystems and human civilizations have. It is a bubbling in a rhyme of cycles both planetary and human.

    I now look to the small and local for meaning. If I look to the macro of the global and planet it is mainly for enjoyment and an edge on what is ahead for my local. I am preaching a new way that is “REAL” green as opposed to fake green. I have often relate to it as the cobalt blue you see when you leave the turquoise green of the shallows. This blue and green I have seen deep diving in the ocean. This real green involves relative sacrifice that seeks to use the status quo to leave it. It seeks a mixing of old and new to salvage and triage a new way of life that is more in harmony with planetary cycles but also acknowledges we are in a new human created Epoch. There is no way to escape this new planetary situation. You live with globalism or it will reduce you to a fuel to power its advancement. Utilize it by yielding to it but also coopting it with a judo lifestyle. Leverage it but realistically. If you think this guarantees you safety and offer power you are wrong. It offers you wisdom and this wisdom will steer you away from trouble. Collapse in place or find a new place if yours has no future. If you can’t then make the best of it. No one will get out of this alive and everyone is at risk of their own localized collapse. You can make a difference in your local. Most will mean nothing in the bigger picture. If you think protesting matters fine if that brings you satisfaction but protest generally will die and be consumed by a self-organizing process beyond human control.

    I am over 50 and no longer young enough to carry a fight. I seek to make a last stand and teach and train those who will live a new reality in the not too distant future. I want to leave a monastery and a refuge of knowledge and tools for someone who comes after me. I am talking about hospices for the pain and suffering of those with no hope but also lifeboats of hope for those who can hope. I am not sure if any of this effort will survive but I find enjoyment and meaning with this effort. It is also human nature as a man and one who is the eldest to lead and protect the women and the children. I am ready to fight and die here but I have no desire to go to battle fighting someone else’s fight there. I am not sure if I am right but it feel right and I draw my power from nature in my local. My fight is for nature not myself. I am very digital but if that is gone tomorrow I still have my local with nature, my animals, and my people. Now is the time to clear the deadwood in my opinion. Live life fully and if you are capable of enjoying life then do not waste a moment. Pain and suffering are ahead. Opportunities for the heroic are ahead but also tough gut wrenching decisions that represent catch 22 tradeoffs for a world as we know it that is coming apart at the seams. Rise to the occasion but if you don’t it really doesn’t matter. We pretend we are exceptional until we are not.

  5. DerHundistLos on Wed, 2nd Jan 2019 7:45 am 

    Do the Dutch demographics include illegal immigration?

  6. Cloggie on Wed, 2nd Jan 2019 7:52 am 

    Unlikely, illegals have a tendency of not registering themselves.

    (Very rough) estimates: 100,000

    https://www.telegraaf.nl/nieuws/832948/de-cijfers-achter-het-illegalenconflict

    Sea salt battery for Africa:

    https://deepresource.wordpress.com/2019/01/02/dr-ten-sea-salt-battery/

  7. Antius on Wed, 2nd Jan 2019 8:58 am 

    A good article from Roger Andrews. Large scale storage of grid electric power in lithium batteries is unsustainable, due to the enormous costs involved – literally magnifying the cost of a unit of wind-solar power by a factor of ten.

    http://euanmearns.com/the-cost-of-wind-solar-power-batteries-included/

    Before storage, wind and solar power can be impressively cheap; roughly comparable to new coal, natural gas and nuclear. In theory, if the costs associated with storage can be kept low enough, then we might achieve a smooth transition to renewable energy, in the electricity sector at least, with solar and wind displacing fossil based electricity sources without any loss of productivity.

    The implications of Roger Andrews’ study are that (a) Storage needs to be cheap, i.e. pumped hydro, compressed air, stored heat; (b) We should rely on storage as little as possible, by adapting demand to supply.

    From Roger Andrews study, it is clear that it may be more effective to overbuild renewable capacity and dump excess energy into low cost resistance heaters, than to attempt to store energy in chemical batteries.

  8. Cloggie on Wed, 2nd Jan 2019 9:25 am 

    Large scale storage of grid electric power in lithium batteries is unsustainable, due to the enormous costs involved – literally magnifying the cost of a unit of wind-solar power by a factor of ten.

    Nobody in his right mind would suggest to maintain the grid with batteries, other than in the minutes range.

    In the hours range we have pumped hydro storage, like the Dutch and British could install in the North Sea:

    https://deepresource.wordpress.com/2018/12/31/doggerbank-pumped-hydropower-storage/

    For seasonal storage we will most likely use hydrogen. Here a British gentleman reporting in Hanover about his endeavors with a 10 MW hydrolyser, while preparing for a 100 MW one. Now you’re talking! According to him, if you apply electrolysis on steam rather than water, efficiency is 82% and prices will come down in the early 20s to 500 euro/kW:

    https://www.youtube.com/watch?v=eku0GuSKiIc

    Hydrogen has 33 kWh/kg, which means that for 500 euro, you have a device with which you can produce 1 kg hydrogen in 33 hours. At current market prices of 3$ per kilo hydrogen, such a device would have earned itself back in less than 200 hours or a week.

    In a parallel session, the German researcher in the first video claims that efficiencies of over 100% should be achievable with steam:

    https://deepresource.wordpress.com/2017/12/11/high-temperature-electrolysis/

    In other words, the storage problem is already solved and everything is ready for a 100% renewable energy future.

  9. Davy on Wed, 2nd Jan 2019 10:49 am 

    Oops, sorry everyone for my off topic 2000 word salad essay above. It had nothing at all to do with Exxon or LNG, and was all about me, myself, and I

  10. GetAVasectomyLoserLifeSuckAss on Wed, 2nd Jan 2019 10:54 am 

    I like how people in Western nations are losing 30% of purchasing power, yet governmental figures show no inflation of barely any inflation.

    Let’s say 2.0 inflation per year for 17 year.

    1.02exp17=1.40

    2.0 percent a year inflation over a period of 17 year equal 40% increase. So 38% percent decreasing purchasing power seems right. So this mean that wages have not increase in 17 years and have been stagnant. Or it means wages have increase but inflation is high then 2.0%

    2% per year is a too high for an inflation target and will generate hyperinflation in a short period of time.

    2.0% inflation over a period of 30 years give you 1.02exp30=1.81. Almost 100% price increase

    I guess the role of central bank is to generate hyperinflation with their 2.0% target per year

  11. Davy on Wed, 2nd Jan 2019 11:49 am 

    “A good article from Roger Andrews. Large scale storage of grid electric power in lithium batteries is unsustainable, due to the enormous costs involved – literally magnifying the cost of a unit of wind-solar power by a factor of ten.”

    Great post Antius! There is no disputing this situation no matter how hard fake greens promote renewables. Behavior, economics, and lifestyles will have to change significantly for renewables to expand beyond 50% primary energy and still allow manageable cost for a societies beset by problems and cost everywhere

  12. GetAVasectomyLoserOnlyIdiotsCanBecomePoliticians on Wed, 2nd Jan 2019 11:50 am 

    U.S. oil drillers aren’t producing as much crude as forecast, finds WSJ report

    https://www.marketwatch.com/story/us-oil-drillers-arent-producing-as-much-crude-as-forecast-finds-wsj-report-2019-01-02

    If you feel stress after reading the above article, this might help you

    https://www.youtube.com/watch?v=z1EnIrU-9tQ

  13. Davy on Wed, 2nd Jan 2019 11:51 am 

    “In other words, the storage problem is already solved and everything is ready for a 100% renewable energy future.”

    Fake green LOL…get back to me when some of this is reality not just wild ass talk.

  14. Not me on Wed, 2nd Jan 2019 11:51 am 

    Davy on Wed, 2nd Jan 2019 10:49 am

  15. makati1 on Wed, 2nd Jan 2019 12:05 pm 

    Come on Juan, even I am getting tired of your stupid identity theft. Grow up

  16. Dredd on Wed, 2nd Jan 2019 12:12 pm 

    Now we know why Waxon is investing in Antarctic real estate (The Ghost Plumes – 6).

  17. Cloggie on Wed, 2nd Jan 2019 12:53 pm 

    Fake green LOL…get back to me when some of this is reality not just wild ass talk.

    I know that you would love to sabotage the energy transition, so that your weird wishful thinking becomes reality, namely the earth wiping off 6 billion people in a mega-crash, with of course your club being “the last man standing”.

    Not going to happen. I would imagine that even you would understand the significance of what is said here:

    https://deepresource.wordpress.com/2019/01/02/efficiency-water-electrolysis/

    Note, this is fairly simple technology. 80% or even more efficiency is fine. And hydrogen can be converted into ammonia that is much easier to handler. Everything is ready to be rolled out.

    Sorry buster, but your collapse world view lies in tatters. I would get serious about an identity change (“theft”, if you will.lol) and subscribe to that Italian language course. Perhaps you can blend in there, high in the Alps.

  18. More Davy Indentity Theft on Wed, 2nd Jan 2019 1:04 pm 

    makati1 on Wed, 2nd Jan 2019 12:05 pm

  19. JuanP identity theft on Wed, 2nd Jan 2019 1:07 pm 

    More Davy Indentity Theft on Wed, 2nd Jan 2019 1:04 pm

  20. Davy on Wed, 2nd Jan 2019 1:20 pm 

    “I know that you would love to sabotage the energy transition, so that your weird wishful thinking becomes reality, namely the earth wiping off 6 billion people in a mega-crash, with of course your club being “the last man standing”.
    No neder, I want the actual not your fanciful. Quit talking out your ass until you have real examples not talk and hopelessly flawed studies by governments and organizations with agendas much like yours.

    “Not going to happen. I would imagine that even you would understand the significance of what is said here: https://deepresource.wordpress.com/2019/01/02/efficiency-water-electrolysis/”
    It is a matter of economics neder, get a grip. This hydrogen thing is not cost effective yet. It is a minute niche application you are crowing about.

    “Note, this is fairly simple technology. 80% or even more efficiency is fine. And hydrogen can be converted into ammonia that is much easier to handler. Everything is ready to be rolled out.”
    There is more to it than the 80% efficiency. It is not practical on a large scale yet if ever.

    “Sorry buster, but your collapse world view lies in tatters.”
    What views and where?

    “I would get serious about an identity change (“theft”, if you will.lol)”
    OOPs, you want to be part of these juanP games? You might be actually assisting Juan. I would not put it past your dirty behavior. Where is your stupid sum sock been lately? LOL.

    “subscribe to that Italian language course. Perhaps you can blend in there, high in the Alps.”
    My wife translates for me and is a great cook too. You wife must be a loser because you never say anything about her. You just like to talk about other’s wives.

  21. Davy on Wed, 2nd Jan 2019 7:36 pm 

    BTW nederliar, me and the wife have decided against moving to eurotardland. A nuclear exchange between my loser country, Russia, and China, will mean fallout in the Alps, too. Maybe if I stop bullying billy and boney juan one of them might let me move in with them.

    As much as I hate losing face, it would sure beat the hell out of coughing up my internal organs and dying a slow and extremely painful death.

    PS. Sorry about saying those stupid things about your wife. Call me a dumbass. Everyone else does.

  22. JuanP on Wed, 2nd Jan 2019 7:47 pm 

    BTW mak, me and the wife have decided against moving to Uraguay. A nuclear exchange between my loser country, Russia, and China, will mean fallout in the South America, too. Maybe if I stop bullying and everyone one of them might let me move in with them.

    As much as I hate losing face, it would sure beat the hell out of coughing up my internal organs and dying a slow and extremely painful death.

    PS. Sorry about saying those stupid things about your wife. Call me a dumbass. Everyone else does.

  23. makati1 on Wed, 2nd Jan 2019 9:12 pm 

    JuanP, I m not married so I cannot take offense. lol

    As for being south of the equator, Uruguay will be isolated from most of the fallout should a nuke exchange happen. There will be nothing left of the US should such an exchange occur, but, unless you are at the nuclear bullseye, you will not die immediately. Most of the Japanese deaths were years later, from cancers. I wish you luck if you stay in the suicidal US.

  24. Davy on Thu, 3rd Jan 2019 1:58 am 

    “I wish you luck if you stay in the suicidal US.”

    billy, you are at the age when death is next door so good luck with all those old age dangers and no health insurance. Your next stop if your family cares is that last trip to the low budget assisted living home when you not only forget your keys but forget what keys are for.

  25. Davy on Thu, 3rd Jan 2019 6:37 am 

    “I wish you luck if you stay in the suicidal US.”

    Besides, I already told you stupid. I’m moving to Italy. My wife will translate for me and cook all my meals. What more could a dumbass like me want.

  26. JuanP noise on Thu, 3rd Jan 2019 6:39 am 

    Davy on Thu, 3rd Jan 2019 6:37 am “I wish you luck if you stay in the suicidal US.”

  27. More Davy Sock Puppetry on Thu, 3rd Jan 2019 6:42 am 

    JuanP noise on Thu, 3rd Jan 2019 6:39 am

  28. JuanP clutter on Thu, 3rd Jan 2019 6:50 am 

    More Davy Sock Puppetry on Thu, 3rd Jan 2019 6:42 am

  29. More Davy Sock Puppetry on Thu, 3rd Jan 2019 7:05 am 

    JuanP clutter on Thu, 3rd Jan 2019 6:50 am

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