ADNOC acquires Galp stake in Mozambique

ADNOC announced the acquisition of Galp’s 10 per cent stake in Mozambique’s Area 4 concession in the Rovuma basin, a key move in its global expansion strategy, this secures ADNOC’s share in LNG production, exceeding 25 million tons annually.

According to the company’s statement, the concession encompasses Coral South FLNG, planned Coral North FLNG, and Rovuma LNG facilities.

This marks ADNOC’s inaugural investment in Mozambique, enhancing its lower-carbon LNG portfolio to meet rising gas demands and support an orderly energy transition.

Coral South currently produces 3.5 mtpa of LNG, pioneering Africa’s FLNG capabilities. Coral North aims to add another 3.5 mtpa through FLNG.

The 18-mtpa Rovuma Onshore LNG facility features an eco-friendly design, aligning with ADNOC’s goal of achieving net zero emissions by 2045. Mozambique’s Rovuma basin, among the largest gas discoveries in fifteen years, guarantees stable natural gas supply to both FLNG and Onshore facilities.