ExxonMobil Considers Scrapping Mozambique Project

American multinational oil and gas corporation, Exxon Mobil, remade board of directors is debating whether to continue with several major oil and gas projects, including an ongoing gas development in Mozambique.

Exxon Mobil’s board of directors has expressed concerns about some of the company’s proposed projects, including a $30 billion liquefied natural gas development in Mozambique and another multibillion-dollar gas project in Vietnam.

While economies recover from the pandemic, oil and gas prices are at multiyear highs and fossil fuels are in short supply. However, such energy megaprojects are costly, and it often takes years for their investments to pay off.

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In light of increased investor pressure to restrain fossil-fuel investment to limit carbon emissions and return more cash to shareholders, Exxon’s board members are weighing future projects. The company is also under pressure from environmentalists and government officials to produce less oil and gas.

Discussions are taking place in connection with a review of the oil company’s five-year spending plan, on which the board will vote by the end of this month.

It’s unclear whether the board will make a final decision on the Mozambique or Vietnam projects during this review.

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