UAE: Adnoc Acquires 10% Equity Stake In Major LNG Development In Mozambique
Date
5/22/2024 4:56:05 AM
(MENAFN- Khaleej Times) UAE's Adnoc on Wednesday announced 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.
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This strategic investment is Adnoc's first in Mozambique and complements Adnoc's efforts to expand its lower-carbon LNG portfolio to meet growing gas demand and support a just, orderly and equitable energy transition.
The Coral South development, currently in operation, is capable of producing up to 3.5 mtpa of LNG, and represents the first facility of its kind in Africa. The proposed Coral North development is expected to produce a further 3.5 mtpa of LNG through a FLNG facility to process and liquefy natural gas for export.
The 18-mtpa Rovuma Onshore LNG development is a modular, electric-drive design that will dramatically reduce the carbon intensity of the LNG it produces, when compared to industry benchmarks.
Mozambique's Rovuma supergiant gas basin represents one of the world's largest gas discoveries in the past 15 years.
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