Dubai, 22 May, 2024 (The Energy Circle) - ADNOC, the Abu Dhabi National Oil Company, has entered the Mozambican market with a significant move, acquiring a 10% stake in Galp's Area 4 concession in the Rovuma basin. This marks ADNOC's inaugural venture into the African nation, highlighting its strategic expansion into new territories.

The agreement grants ADNOC access to a portion of the liquefied natural gas (LNG) production from the concession, which possesses an impressive combined capacity exceeding 25 million tonnes per annum (mtpa). This move aligns with ADNOC's broader strategy to diversify its portfolio and meet the growing global demand for natural gas.

Key assets within the Area 4 concession include the operational Coral South Floating LNG (FLNG) facility, alongside the planned Coral North FLNG development and the Rovuma LNG onshore facilities. These assets form a crucial part of Mozambique's growing gas sector, positioning the country as a significant player in the LNG market.

The acquisition marks a milestone not only for ADNOC but also for Mozambique's energy landscape, leveraging the country's vast natural gas reserves to drive economic growth and development. As ADNOC continues to forge partnerships and expand its global footprint, this venture signifies a promising step towards a more sustainable energy ecosystem.