ADNOC, the Abu Dhabi National Oil Company, has acquired a 10% equity stake in Galp’s interest in the Rovuma basin’s Area 4 concession in Mozambique, marking its first venture in the country. This strategic move will enhance ADNOC’s global gas business with a share of the LNG production, which has a capacity of over 25 million tonnes per annum. The acquisition aligns with ADNOC’s strategy to expand its lower-carbon LNG portfolio and supports its ambition to meet rising global gas demand while facilitating the energy transition. The Area 4 concession includes the operational Coral South FLNG facility and the planned Coral North FLNG and Rovuma LNG onshore developments, potentially boosting Mozambique’s status as a leading global gas producer.
Energy, Natural Gas,Mozambique, United Arab Emirates
https://www.zawya.com/en/business/energy/abu-dhabis-adnoc-acquires-10-stake-in-lng-development-in-mozambique-d951xcbi