Adnoc’s XRG announced on 28 March that it has completed its acquisition of the 10% stake of Portugal’s Galp in the Area 4 concession of Mozambique’s Rovuma Basin, marking its entry into the international LNG sector. The deal was originally inked last May, during the same week as it announced a deal to invest in NextDecade’s under-development Phase 1 Rio Grande LNG project in the US (MEES, 24 May 2024).
The deal gives XRG access to LNG projects with a combined potential production capacity of more than 25mn t/y, including stakes in the operational 3.5mn t/y Coral South Floating LNG (FLNG), the planned 3.5mn t/y Coral North FLNG and Rovuma LNG’s 18mn t/y onshore development projects. (CONTINUED – 180 WORDS)
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