ADNOC has bought Galp’s 10% interest in the Area 4 concession of the Rovuma basin in Mozambique, marking ‘a major milestone’ in the company’s international growth strategy and first investment in the African country.
The acquisition will entitle ADNOC to a share of the liquefied natural gas (LNG) production from the concession, which has a combined production capacity exceeding 25 million tonnes per annum (mtpa).
The Area 4 concession includes the operational Coral South Floating LNG (FLNG) facility, the planned Coral North FLNG development and the planned Rovuma LNG onshore facilities.
The investment complements ADNOC’s efforts to expand its lower-carbon LNG portfolio to meet growing gas demand and support a just, orderly and equitable energy transition.
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