XRG completes 10% acquisition in Rovuma Area 4 and strengthens global LNG portfolio
XRG, an energy investment platform valued at 80 billion dollars and owned by the Abu Dhabi National Oil Company (ADNOC), has finalised the acquisition of the 10% stake held by Galp in the Area 4 concession, located in the Rovuma Basin in northern Mozambique. This is a strategic move that solidifies the company's position in the global liquefied natural gas (LNG) market. The deal, initially announced in May 2024, gives XRG a direct presence in three key projects: Coral Sul FLNG, the planned Coral Norte FLNG and the future onshore Rovuma LNG. These assets make Mozambique a heavyweight player in the global LNG supply chain.

“We are proud and excited to take part in the responsible development of the world-class Rovuma Basin,” said Khaled Salmeen, Chief Operating Officer of XRG. “Together with the Government of Mozambique and our partners, we intend to share knowledge, add value and accelerate these projects towards their full potential.” Coral Sul FLNG, operated by Italy's Eni, is Mozambique's first operational LNG project and the world's second-largest floating liquefied natural gas vessel, with an annual capacity of 3.5 million tonnes. Coral Norte FLNG, still in the development phase and also led by Eni, is expected to double this capacity when it comes on stream.

Rovuma LNG, the onshore project led by the US company ExxonMobil, is expected to reach 18 million tonnes a year and is currently in the front-end engineering and design (FEED) phase, with completion scheduled for 2025. This operation represents XRG's first investment in Mozambique, following other recent bets on natural gas and LNG assets in Azerbaijan, Egypt and the United States. At the same time, it reinforces ADNOC's commitment to natural gas as a transition fuel, in a strategy that seeks to balance energy security with decarbonisation goals. XRG's entry injects new dynamism into the development of the promising Rovuma Basin, whose vast resources continue to attract major investment and international attention.