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ExxonMobil considers reductions in both capex and opex

ExxonMobil has reportedly begun near term expenditure cuts as pandemic driven market conditions have persisted, with finalized plans yet to be announced.  Company spokesman Jeremy Eikenberry recently stated that “Based on this unprecedented environment, we are evaluating all appropriated steps to significantly reduce capital and operating expenses in the near term”.  Specifics have not been announced yet, as Mr. Eikenberry added that “ExxonMobil will outline plans when they are finalized”.

Part of the expected impact from these cuts includes a potential delay in the Final Investment Decision (FID) for the company’s Rovuma LNG project under development in Mozambique.  This project has an estimated project cost of $30 billion and had been anticipated to reach an FID in the first half of this year.  A delay such as this would place Rovuma LNG even further behind the progress already made in rival Total’s Mozambique LNG, which made its FID last year. Another spokesman for Exxon, Todd Spitler, added that “This is a complex project that will be developed over several years.”  Rovuma LNG is a joint venture comprised Exxon, Eni, China National Petroleum Corporation, ENH, Galp Energy, and Kogas.

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From the April 2018 issue of Hydrocarbon Processing


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