(Bloomberg, Johannesburg, 28 July 2016) Exxon Mobil Corp. is in advanced negotiations with Eni SpA over acquiring a minority stake in natural-gas discoveries off Mozambique, according to two people with knowledge of the talks. Exxon Chief Executive Officer Rex Tillerson discussed the plan with Mozambique President Filipe Nyusi last week in Maputo, the African nation’s capital, according to one of the people, asking not to be identified because the matter isn’t public. The U.S. oil major’s participation would potentially accelerate development of one of the world’s largest liquefied natural gas projects. [ECA Watch sources understand that six ECAs are reviewing the project with regard to potential ECA support. Meanwhile, a recent ISS report notes that Mozambique, which was poised to take off as the world’s third-biggest natural gas producer, is instead now teetering on the brink of a major sovereign debt default, which is threatening to jeopardise its eagerly anticipated gas-fired boom.]
