ExxonMobil Targets Africa’s Natural Gas Hotspots
Emerging natural gas and LNG markets in Africa have continued to gain traction with U.S. explorers – in spite of less than favorable market conditions aggravated by COVID-19 – due to their long-term viability within the clean energy transition. Through its global affiliates, ExxonMobil has been active not only in the exploration and production of natural gas, but also in the establishment of associated infrastructure required to effectively transport, monetize and bring crude resources to market. By leveraging gas’ ability to boost power generation capacity and meet growing demand for clean burning fuel, Exxon has been able to sustain investment in large-scale gas developments in strategic frontier markets.
Gas-to-power not only represents the most promising method of decarbonizing African upstream, but also of monetizing abundant gas reserves, in light of continued commercial gas discoveries and ever-increasing demand for affordable power. With approximately 600 million without electricity access in sub-Saharan Africa, natural gas has the potential to address continent-wide shortages and stimulate diversified, industrial growth. The expansion of natural gas across Africa is also being fueled by the global energy transition, in which gas serves as an intermediary. A relatively clean burning fossil fuel with fewer emissions than burning coal or petroleum products, natural gas is uniquely positioned to deliver energy reliably and to scale. From its Rovuma LNG project in Mozambique to large-scale 3D seismic acquisition in Mauritania, ExxonMobil has been at the helm of natural gas development across the continent, giving rise to an influx of U.S. capital and technical expertise.
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