XRG, a subsidiary of Abu Dhabi National Oil Company (ADNOC), has completed the acquisition of Galp’s 10% interest in the Area 4 concession in Mozambique's Rovuma Basin.
The Rovuma Basin, one of the largest gas discoveries in the past 15 years, has enabled ADNOC’s XRG access to LNG projects with a combined potential production capacity of more than 25 million tonnes per annum (mtpa).
This acquisition entails stakes in the operational Coral South Floating LNG (FLNG), the planned Coral North FLNG and Rovuma LNG's onshore development projects.
"We are proud and excited to be part of the responsible development of Mozambique's world-class Rovuma Basin. Together with the Government of Mozambique and our partners, we are looking forward to sharing our expertise, adding value and accelerating these developments towards their full potential LNG capacity.
“This milestone investment will enhance XRG's ability to provide energy solutions to meet rising demand and help unlock sustainable economic growth,” said Khaled Salmeen, XRG's Chief Operating Officer.
The Eni-operated Coral South FLNG has a capacity to produce 3.5 mtpa of LNG through utilizing cutting-edge technology with a strong focus on energy efficiency.
Coral North FLNG, also led by Eni, with an imminent final investment decision (FID), would produce an additional 3.5 mtpa of LNG offshore.
Meanwhile, the onshore Rovuma LNG Phase 1 Project, operated by ExxonMobil, is expected to complete its front-end engineering design (FEED) phase in 2025 based on an innovative modular electric drive design to significantly reduce the carbon intensity of its anticipated 18 mtpa of LNG production.