Commodities & Energy

Reuters exclusively reports Exxon puts brakes on giant Mozambique LNG plan

Reuters exclusively reports Exxon puts brakes on giant Mozambique LNG plan

Reuters reported exclusively that Exxon Mobil is likely to delay the greenlighting of its $30 billion liquefied natural gas project in Mozambique as the coronavirus disrupts early works and a depressed gas market makes investors wary. Top U.S. oil and gas company Exxon said it was evaluating “significant” cuts to capital spending and operating expenses. Energy firms worldwide have slashed spending this month as oil prices plummeted to 18-year lows after global travel curbs and reduced economic activity destroyed demand.