Portugal’s Galp Energia has reached an agreement to sell its 10% stake in the consortium prospecting for natural gas in Mozambique’s Rovuma basin to the Abu Dhabi National Oil Company (ADNOC) for approximately €600 million.
In a statement to Portugal’s Securities Markets Commission (CMVM) on Wednesday, Galp announced the sale as part of its “disciplined” investment strategy. The deal, valued at $650 million (€599 million), is expected to be finalized by the end of the year.
