ADNOC to acquire 10% equity stake in major LNG development

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Click on the top to follow us ADNOC announced today the acquisition of 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. 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 MMtpy. 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. This strategic investment is ADNOC’s first in Mozambique and 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. Musabbeh Al Kaabi, ADNOC Executive Director for Low Carbon Solutions and International Growth, said: “For over fifty years, ADNOC has been a reliable and responsible global provider of LNG and we ………………………………