ExxonMobil awarded a letter of intent to McDermott Energy Solutions for engineering and procurement services at the Rovuma LNG project in Mozambique. This contract covers the first phase of midstream development for one of the company's largest global investments.
The development targets the Rovuma Basin, which contains an estimated 85 trillion cubic feet of recoverable natural gas. Financing hurdles and regional security concerns previously slowed progress on the project.
ExxonMobil selected McDermott based on its prior experience in Mozambique. The move aims to position the nation as a major supplier in the global LNG market.