XRG, the global investment arm of the Abu Dhabi National Oil Company, has successfully acquired Galp’s 10% interest in the Area 4 concession located in Mozambique’s Rovuma Basin. This strategic acquisition encompasses stakes in the operational Coral South FLNG facility, as well as the planned Coral North FLNG and Rovuma LNG onshore development projects. Together, these three projects possess the potential to produce over 25 million tons of LNG annually.
“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,” stated Khaled Salmeen, COO of XRG.
The offshore Coral South FLNG and Coral North FLNG development projects are operated by energy major Eni, with each facility designed to produce 3.5 million tons of LNG per year. Meanwhile, the onshore Rovuma LNG Phase 1 Project, led by supermajor ExxonMobil, is anticipated to produce an impressive 18 million tons of LNG annually.
Source: energycapitalpower.com
