ADNOC Buys 10% Stake in Mozambique LNG Project
(P&GJ) — ADNOC has acquired Galp’s 10% interest in the Area 4 concession of Mozambique’s Rovuma basin. This move is part of ADNOC’s strategy to expand its international presence and its lower-carbon LNG portfolio.
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. With a combined production capacity of over 25 million tonnes per annum (mtpa), this acquisition provides ADNOC with significant LNG production capabilities.
Musabbeh Al Kaabi, ADNOC’s Executive Director for Low Carbon Solutions and International Growth, highlighted the strategic importance of the investment: “This acquisition supports our efforts to build an integrated global gas business, ensuring a secure and reliable supply of natural gas with lower emissions compared to other fossil fuels.”
The Coral South development, currently operational, can produce up to 3.5 mtpa of LNG. The proposed Coral North development is expected to add another 3.5 mtpa. The 18-mtpa Rovuma Onshore LNG project, designed to be modular and electric-drive, aims to significantly reduce the carbon intensity of its LNG production, aligning with ADNOC’s goal of achieving net zero by 2045.
Mozambique’s Rovuma basin is one of the largest gas discoveries in the past fifteen years, offering substantial proven reserves to support the FLNG and onshore facilities.
ADNOC’s investment in Mozambique marks a significant step in its international growth strategy, enhancing its ability to meet the rising global demand for natural gas while supporting a more sustainable energy transition.
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