XRG, the international energy investment subsidiary of the UAE’s ADNOC, has acquired the 10% stake in Mozambique’s Rovuma Basin from the Portuguese energy group Galp. The acquisition includes stakes in the operational Coral South Floating LNG (FLNG), the planned Coral North FLNG and Rovuma LNG’s onshore development projects.
Eni operates the Coral South development, able to produce 3.5 Mt/year of LNG, and plans to make a final investment decision (FID) soon on the Coral North development, which would also produce 3.5 Mt/year of LNG. The 18 Mt/year onshore Rovuma LNG project (phase 1) is being developed by ExxonMobil; it is expected to complete its front-end engineering design (FEED) phase in 2025 and it should receive an FID in 2026.
XRG is a low-carbon energy, natural gas, and chemicals investment company launched in late 2024.
Interested in Global Energy Research?
Enerdata's premium online information service provides up-to-date market reports on 110+ countries. The reports include valuable market data and analysis as well as a daily newsfeed, curated by our energy analysts, on the oil, gas, coal and power markets.
This user-friendly tool gives you the essentials about the domestic markets of your concern, including market structure, organisation, actors, projects and business perspectives.