The concession's advance sustainability scopes are one of the prime reasons that locked the deal for ADNOC. (Image source: Adobe Stock)
In its first strategic investment in Mozambique, ADNOC has acquired 10% of Galp’s interest in the Area 4 concession of the Rovuma basin in Mozambique
The acquisition will allow ADNOC a share of the liquefied natural gas (LNG) produced from the concession.
With the operational Coral South Floating LNG (FLNG) facility, the planned Coral North FLNG development and the planned Rovuma LNG onshore facilities, the concession has a combined production capacity of more than 25 mn tonnes per annum. It is one of the world’s largest gas discoveries in 15 years.
A one-of-a-kind facility in Africa, the Coral South development is currently in operation, with a production capacity of up to 3.5 mtpa of LNG. Once up and running, the Coral North development is capable of adding another 3.5 mtpa of LNG to that. It will have a FLNG facility to process and liquefy natural gas for export.
The modular, electric-drive design of the 18-mtpa Rovuma Onshore LNG development is capable of challenging industry standards when it comes to carbon intensity reduction from LNG production.
The concession's advance sustainability scopes are one of the prime reasons that locked the deal for ADNOC, which aims to achieve a just transition-driven net zero by 2045.
Integrated global gas business
Musabbeh Al Kaabi, ADNOC executive director for low carbon solutions and international growth, said, “For over fifty years, ADNOC has been a reliable and responsible global provider of LNG and we are building on this role with this landmark investment in the world-class Rovuma supergiant gas basin in Mozambique as we deliver on our international growth strategy. Natural gas plays an important role to meet growing global demand with lower emissions compared to other fossil fuels and this acquisition supports our efforts to build an integrated global gas business to ensure we continue providing a secure, reliable and responsible supply of natural gas.”
