ExxonMobil LNG: Golden Pass, PNG & Rovuma Portfolio 2026

ExxonMobil LNG produces approximately 25 million tonnes per annum (Mta) of liquefied natural gas across its global portfolio and is targeting more than 40 Mta by 2030 — a near-doubling underpinned by four major projects in the United States, Qatar, Papua New Guinea, and Mozambique. With the first train at Golden Pass coming online in 2026 and a long-delayed final investment decision at Rovuma now back on the table, ExxonMobil LNG is entering its most active development phase in decades.

ExxonMobil LNG: The Core Portfolio

ExxonMobil has been involved in LNG project development for more than 40 years. Its current production base centres on three assets: the PNG LNG project in Papua New Guinea, a 34% stake in LNG Train S4 and a 30% interest in Train S6 at QatarEnergy’s Ras Laffan complex, and equity in the Coral Sul FLNG unit off Mozambique through the Area 4 joint venture.

Combined, these existing positions generate around 25 Mta of LNG sales. The company projects demand for LNG to rise by approximately 3% annually through 2050 and has structured its growth pipeline to capture that trajectory with low-cost, lower-emissions supply.

ExxonMobil’s LNG portfolio sits alongside those of other oil majors benchmarked in the top 10 LNG storage companies analysis, though ExxonMobil’s position is defined more by liquefaction capacity and long-term offtake than by storage infrastructure at the terminal level.

Golden Pass: First US Export Train Online in 2026

The Golden Pass LNG terminal in Sabine Pass, Texas — a joint venture between ExxonMobil and QatarEnergy — is central to the 2030 doubling target. The facility was originally built as an import terminal before the US shale revolution reversed the flow economics. Construction of three liquefaction trains, each with a nominal capacity of approximately 5.2 Mta, gives the export project a combined nameplate output of roughly 18 Mta when fully operational.

The first train reached completion in early 2026 following contractor difficulties that delayed the original schedule. ExxonMobil CEO Darren Woods confirmed in late 2025 that Golden Pass was on track for startup around year-end — a timeline that has since been met. The facility includes five 155,000 cubic metre LNG storage tanks and two marine berths capable of handling vessels up to Q-Flex size.

Golden Pass arrives at a strategically significant moment. Iranian attacks on QatarEnergy’s Ras Laffan complex in early 2026 damaged two LNG trains in which ExxonMobil holds equity — including the 34% stake in Train S4 and 30% in Train S6. QatarEnergy has estimated repairs will take three to five years, removing an estimated 12.8 Mta from the market. Golden Pass partially offsets that loss from within ExxonMobil’s own portfolio.

Qatar: North Field East and the Ras Laffan Disruption

ExxonMobil’s relationship with QatarEnergy extends beyond Golden Pass. The company has participated in the North Field East (NFE) expansion — part of QatarEnergy’s broader programme to grow Qatari LNG production to 160 Mta — with first LNG from the NFE trains expected in mid-2026 according to ExxonMobil’s own LNG website.

The Ras Laffan attacks have complicated that picture. Damage to trains ExxonMobil holds equity in adds uncertainty to its Qatar contribution at precisely the moment Golden Pass is ramping up. The net effect on ExxonMobil’s 2026 LNG sales volume — between trains offline and new US capacity coming in — is still being assessed by analysts.

For context on the scale of Ras Laffan and its position in global LNG infrastructure, see the top 10 LNG terminals in the world ranked by capacity.

PNG LNG: A Decade of Production and the Papua Expansion

The PNG LNG project in Papua New Guinea — operated by ExxonMobil with partners including Santos, Oil Search (now Santos), and the PNG government — celebrated a decade of operations in 2024 and 2025. The two-train facility near Port Moresby has consistently operated above its nameplate capacity of 6.9 Mta since commissioning.

The adjacent Papua LNG project, operated by TotalEnergies with ExxonMobil responsible for construction and operation of new liquefaction trains, entered fully integrated FEED in 2023. ExxonMobil’s role as delegated operator for the new trains mirrors the model it has used on Rovuma — where the company leads onshore liquefaction construction while a partner manages upstream production.

Rovuma LNG: $30bn Mozambique Project Back in Motion

The Rovuma LNG project in Mozambique’s Cabo Delgado province is ExxonMobil’s largest single development commitment. The onshore liquefaction facility, targeting 18 Mta of capacity, sits within the deepwater Area 4 block of the Rovuma Basin — a formation estimated to hold more than 85 trillion cubic feet of natural gas.

ExxonMobil leads construction and operation of the onshore LNG facilities through the Mozambique Rovuma Venture (MRV), a joint venture in which it holds a 40% interest alongside Eni (40%) and CNPC (20%). The Mozambique Rovuma Venture holds a 70% interest in the overall Area 4 block, with KOGAS, ENH, and ADNOC holding the balance following ADNOC’s acquisition of Galp’s 10% stake.

The project was suspended in 2021 following Islamist-linked attacks in northern Mozambique. ExxonMobil lifted force majeure in November 2025, clearing the way for a final investment decision targeted in the second half of 2026. Mozambique’s president has publicly committed to FID by H2 2026, with construction start expected within 12 to 18 months of that decision and first LNG production targeted for 2030.

FEED contracts for Rovuma were awarded in late 2024 to two consortia: JGC Holdings with Technip Energies, and Saipem with McDermott and CPECC. The project’s modular electric LNG design — revised from the original large-train concept — is intended to reduce GHG intensity and improve execution reliability.

ExxonMobil LNG — Company Snapshot

ExxonMobil LNG in 2026: The Portfolio Logic

ExxonMobil’s LNG strategy is built around what it describes as “advantaged” projects — low-cost-of-supply developments designed to generate acceptable returns across commodity cycles rather than at peak pricing only. The four major growth projects span three continents and represent different risk profiles: Golden Pass is a brownfield conversion at scale, Papua and North Field East are established basin expansions, and Rovuma is a greenfield mega-project in a frontier jurisdiction.

The 2030 target of more than 40 Mta in global LNG sales would position ExxonMobil alongside Shell and TotalEnergies at the top of the independent supermajor LNG rankings by volume. Whether Rovuma’s FID and subsequent construction schedule holds to that timeline remains the central execution variable.

ExxonMobil is also publicly assessing how LNG-to-power paired with carbon capture could serve data centre demand — a market signal that positions its growing export capacity against an emerging class of large industrial buyers beyond traditional utility and regas terminal offtakers. See the top 10 LNG export terminals for a capacity comparison across the global liquefaction landscape.