The Abu Dhabi National Oil Company (ADNOC) has acquired a 10% stake in Galp’s Area 4 concession, part of the extensive natural gas project in Mozambique’s Rovuma basin, marking ADNOC’s first venture into the African nation.
With this deal, ADNOC will gain access to a portion of the liquefied natural gas (LNG) production from the concession, which boasts a combined capacity exceeding 25 million tonnes per annum, the company stated.
The Area 4 concession encompasses the operational Coral South Floating LNG (FLNG) facility, the planned Coral North FLNG development, and the anticipated Rovuma LNG onshore facilities.
ADNOC highlighted that this investment aligns with its strategy to expand its lower-carbon LNG portfolio to meet the growing global gas demand and support the energy transition.
Earlier reports from Reuters in October indicated that ADNOC was seeking LNG assets in Africa and was considering acquiring Galp’s 10% stake in the Rovuma basin, based on information from two knowledgeable sources.
