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ADNOC Expands Gas Operations Overseas with Fourth Deal in Mozambique

Abu Dhabi National Oil Company (ADNOC) has expanded its global presence in the gas sector by acquiring a 10% stake in Galp's Area 4 concession, a major natural gas project in Mozambique's Rovuma basin. This move represents ADNOC's fourth international venture into gas, following its recent acquisition of an 11.7% stake in NextDecade's Rio Grande liquefied natural gas (LNG) export facility in Texas.

With ambitious plans in gas, LNG, renewable energy, and petrochemicals, ADNOC aims to grow its LNG capacity from 6 to 15 million metric tons per annum (mtpa). The deal grants ADNOC access to a portion of the LNG production from the concession, expected to exceed 25 mtpa. This investment aligns with ADNOC's strategy to expand its lower-carbon LNG portfolio, addressing increasing gas demand and supporting the global energy transition.

In addition to its ventures in Mozambique and Texas, ADNOC has been actively pursuing LNG assets in Africa, with ongoing discussions regarding Galp's stake in the Rovuma basin. Collaborations with partners like BP in Egypt and investments in projects like the Absheron gas field in Azerbaijan further solidify ADNOC's position in the global energy market. ADNOC's forthcoming LNG project in Ruwais, scheduled to commence operations in 2028, underscores its commitment to sustainable energy development.

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Posted on :6/6/2024