ADNOC announced the acquisition of Galp’s 10 percent interest in the Area 4 concession of the Rovuma basin in Mozambique, marking a major milestone in the company’s international growth strategy. This acquisition grants ADNOC a share of the liquefied natural gas production from the concession, which boasts a combined production capacity exceeding 25 million tonnes per annum.
The Area 4 concession includes the operational Coral South Floating LNG 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 its 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, stated, “For over fifty years, ADNOC has been a reliable and responsible global provider of LNG. We are building on this role with this landmark investment in the world-class Rovuma supergiant gas basin in Mozambique as we deliver on our international growth strategy. Natural gas plays an important role in meeting growing global demand with lower emissions compared to other fossil fuels, and this acquisition supports our efforts to build an integrated global gas business to ensure we continue providing a secure, reliable, and responsible supply of natural gas.”
The Coral South development, currently in operation, can produce up to 3.5 mtpa of LNG and represents the first facility of its kind in Africa. The proposed Coral North development is expected to produce an additional 3.5 mtpa of LNG through a FLNG facility designed to process and liquefy natural gas for export.
The 18-mtpa Rovuma Onshore LNG development features a modular, electric-drive design that will significantly reduce the carbon intensity of the LNG it produces compared to industry benchmarks. This design aligns with ADNOC’s ambition to achieve net zero by 2045, emphasising the reduction of carbon dioxide emissions.
Mozambique’s Rovuma supergiant gas basin, one of the world’s largest gas discoveries in the past fifteen years, holds proven reserves that will provide a stable supply of natural gas to both the FLNG and onshore facilities. This acquisition underscores ADNOC’s commitment to expanding its international footprint and enhancing its role as a key player in the global energy market.
For more information visit www.adnoc.ae
