ADNOC expands global presence with strategic investments in Mozambique's gas sector
Date
5/22/2024 6:04:02 AM
(MENAFN) In a significant move signaling its international growth strategy, the Abu Dhabi National Oil Company (ADNOC) has announced the Acquisition of a 10 percent stake in the Zone 4 concession of the Rovuma Basin in Mozambique from Ghalib Company. This strategic acquisition marks a pivotal milestone for ADNOC, positioning it to capitalize on the abundant gas reserves in the region and tap into projects with a projected total production capacity exceeding 25 million tons annually.
The Zone 4 concession encompasses key assets including the operational Coral South Floating LNG Production Terminal, along with planned developments such as the Coral North Floating and Rovuma Onshore LNG production plants. Notably, this venture represents ADNOC's inaugural strategic investment in Mozambique, emblematic of its commitment to diversifying its business portfolio in the realm of low-carbon liquefied natural gas (LNG).
ADNOC's foray into the Mozambican gas sector aligns with its broader objective of meeting the surging demand for LNG while championing an orderly, responsible, and equitable transition in the energy landscape. Musabih Al Kaabi, CEO of ADNOC’s Low Carbon Solutions and International Growth Department, emphasized the company's decades-long track record as a dependable provider of LNG. Al Kaabi underscored the pivotal role of natural gas in addressing escalating energy needs while minimizing emissions, positioning the acquisition as a strategic step towards bolstering ADNOC's global presence in the natural gas domain.
With a steadfast focus on sustainable growth and resilience, ADNOC's strategic investment in Mozambique's gas sector not only underscores its commitment to meeting global energy demands but also reinforces its dedication to fostering a greener and more sustainable energy future.
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