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ADNOC to Acquire 10% Equity Stake in Major LNG Development in Mozambique
ADNOC announced today the acquisition of Galp’s 10% interest in the Area 4 concession of the Rovuma basin in Mozambique, marking a major milestone in the company’s international growth strategy. The acquisition will entitle ADNOC to a share of the liquefied natural gas (LNG) production from the concession, which has a combined production capacity exceeding 25 million tonnes per annum (mtpa). 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. This strategic investment is ADNOC’s first in ... (full story)