Abu Dhabi National Oil Company (ADNOC) has acquired a 10% stake in Galp's (GALP.LS) 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.
