ADNOC Secures 10% Stake in Galp's Mozambique Venture, Eyes LNG Growth

ADNOC Secures 10% Stake in Galp's Mozambique Venture, Eyes LNG Growth

By Staff Writer, 22 May 2024

Abu Dhabi National Oil Co. (ADNOC) has made its maiden investment in Mozambique, securing a 10% equity share in Galp's interest within the lucrative Area 4 concession of the Rovuma basin.

This move marks ADNOC's strategic foray into the African nation's energy sector.

The acquisition grants ADNOC access to a portion of the liquefied natural gas (LNG) output from the concession, boasting a collective production capacity exceeding 25 million tonnes annually.

This aligns with ADNOC's global expansion blueprint and its commitment to fortify its lower-carbon LNG portfolio to cater to escalating gas demands and bolster the transition to cleaner energy sources.

Musabbeh Al Kaabi, ADNOC's Executive Director for Low Carbon Solutions and International Growth, highlighted the acquisition's significance in advancing the company's objective of constructing a comprehensive worldwide gas enterprise.

He emphasized the importance of sustaining a secure, dependable, and environmentally conscious natural gas supply.

The Area 4 concession encompasses the operational Coral South Floating LNG (FLNG) facility, alongside the forthcoming Coral North FLNG development and the planned Rovuma LNG onshore installations.

ADNOC's stake in this venture positions it strategically in Mozambique's burgeoning energy landscape, poised to capitalize on the region's promising potential for LNG production and export.

Source: Bindu Rai / Zawya

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