ExxonMobil Pushes For Expanded Global LNG Production

ExxonMobil is increasing its production capacity in Liquified Natural Gas (LNG).

To achieve this the company has reached agreement to increase its working interest in the Rovuma LNG project in Mozambique to 50 per cent and in Papua LNG in Papua New Guinea to 34 per cent, the company said in its third-quarter 2026 results on October 30. ExxonMobil already operates Rovuma, and the company said it has assumed operatorship at Papua LNG.

The release did not name the counterparties or give terms,reports World Oil.

The company also reported cumulative production milestones of 1 billion barrels (Bbbl) at both its Guyana operations and the Kearl oil sands project in Canada, and 100 million tons at PNG LNG.

Upstream production averaged 4.496 MMboed in the third quarter, compared with 4.514 MMboed in the second quarter.

ExxonMobil said volume growth in Guyana, the Permian basin and Golden Pass LNG lifted year-to-date upstream earnings, partly offset by Middle East volume impacts. Compared with the second quarter, upstream earnings fell on lower prices and an accelerated Guyana entitlement impact.

On carbon capture and storage, the company reported a startup at Nucor and approval of the Rose carbon storage project.

ExxonMobil Holdings Corp. posted third-quarter earnings of $15.4 billion and said it plans $20 billion of share repurchases in 2027.