XRG – the global investment arm of the Abu Dhabi National Oil Company – has acquired  Galp’s 10% interest in the Area 4 concession in Mozambique’s Rovuma Basin. 

The acquisition includes stakes in the operational Coral South FLNG, the planned Coral North FLNG and Rovuma LNG onshore development projects. The three projects boast a potential production capacity of over 25 million tons of LNG per year.

“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, XRG.

The offshore Coral South FLNG and Coral North FLNG development projects are operated by energy major Eni, and each have a capacity to produce 3.5 million tons of LNG per year. The onshore Rovuma LNG Phase 1 Project is led by supermajor ExxonMobil and is anticipated to produce 18 million tons of LNG per year.