UAE’s XRG acquires 10% stake in Mozambique LNG project
XRG, the international investment arm of Abu Dhabi National Oil Co. (ADNOC), has completed its acquisition of Galp’s 10% stake in Mozambique’s Area 4 LNG concession, expanding its growing global liquefied natural gas (LNG) portfolio.
The deal, initially announced in May 2024, gives XRG access to Mozambique’s Rovuma Basin, one of the world’s largest gas discoveries in the past 15 years. The Area 4 concession, being developed by ExxonMobil and Eni, includes several pioneering LNG projects with a combined production potential of more than 25 million tonnes per annum (mtpa), the Emirates News Agency reports.
Mozambique, which discovered vast gas reserves in the deepwater Rovuma Basin in 2010, began exporting LNG last year. The country has attracted significant foreign investment in its energy sector, despite disruptions caused by militant attacks.
Another stalled LNG project in the country is expected to resume soon, following the Trump administration’s approval of a $4.7 billion loan from the US Export-Import Bank.
Khaled Salmeen, XRG’s Chief Operating Officer, highlighted the strategic importance of the deal. “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 look forward to sharing our expertise, adding value, and accelerating these developments towards their full potential LNG capacity,” he said.
XRG’s acquisition in Mozambique marks its first investment in the country, reinforcing its strategy of building a world-scale, integrated gas portfolio to meet growing global energy demand. The company already has LNG assets in Azerbaijan, Egypt, and the United States.
