Abu Dhabi National Oil Company (ADNOC) has acquired a 10% stake in Galp's (GALP.LS), opens new tab Area 4 concession in the multi-billion-dollar natural gas project in the Rovuma basin in Mozambique, it said on Wednesday, its first foray into the African country.
Under the terms of the deal, ADNOC will have access to a share of the liquefied natural gas (LNG) production from the concession, which has a combined capacity of more than 25 million tonnes per annum, it said in a statement.
It did not disclose a price for the stake.
The Area 4 concession includes the operational Coral South Floating LNG (FLNG) facility, the planned Coral North FLNG development and the planned Rovuma LNG onshore facilities.
The investment "complements ADNOC's efforts to expand its lower-carbon LNG portfolio to meet growing gas demand" and support the energy transition, the company said.
Reuters reported in October that ADNOC was on the hunt for LNG assets in Africa and was considering buying Galp's 10% stake in the Rovuma basin, citing two people with knowledge of the matter.
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