UAE's Adnoc has announced the purchase of Galp's 10% stake in Mozambique's Rovuma basin. With this acquisition, Adnoc takes a step forward in its international growth strategy. Adnoc will now have a share in the liquefied natural gas (LNG) production from the Area 4 concession, which has an annual production capacity of over 25 million tonnes. The concession includes the Coral South Floating LNG (FLNG) facility, Coral North FLNG development, and Rovuma LNG onshore facilities.
This investment marks Adnoc's entry into the Mozambique market and aligns with its efforts to expand its lower-carbon LNG portfolio to meet rising gas demand and support a just energy transition. The Coral South development, which is currently operational, can produce up to 3.5 million tonnes of LNG per year, making it the first facility of its kind in Africa. The proposed Coral North development aims to add another 3.5 million tonnes of LNG through a FLNG facility. The Rovuma Onshore LNG development, with a capacity of 18 million tonnes, utilizes a modular, electric-drive design to significantly reduce the carbon intensity of its LNG production compared to industry benchmarks.
Mozambique's Rovuma basin is known for being one of the largest gas discoveries in the past 15 years.
