ADNOC buys Galp’s 10% stake in Mozambique’s Area 4

ABU DHABI, May 22, 2024 – ADNOC has acquired Galp’s 10% interest in the Area 4 concession of the Rovuma basin in Mozambique, the companies announced on Wednesday.

Galp will receive up to USD 1.5 billion in the transaction, including an initial payment of USD 650 million plus additional contingent payments of USD 100 million and USD 400 million payable upon the FID of Coral Norte and Rovuma LNG, respectively.

The Area 4 concession includes the operational Coral Sul FLNG facility, the planned Coral Norte FLNG development and the planned Rovuma LNG onshore facilities. The acquisition will entitle ADNOC to a share of the LNG production from the concession, which has a combined production capacity exceeding 25 million tpy.

“For over fifty years, ADNOC has been a reliable and responsible global provider of LNG and we are building on this role with this landmark investment in the world-class Rovuma supergiant gas basin in Mozambique,” said Musabbeh Al Kaabi, ADNOC’s executive director for low carbon solutions and international growth.

Photo of Coral Sul FLNG courtesy of Galp

Read our latest insights on: