Offshore staff
LISBON, Portugal — ADNOC has agreed to acquire Galp Energia’s Area 4 upstream assets in Mozambique, subject to third-party approvals.
These include the Eni-operated Coral South FLNG, which started operations in 2022, and the prospective Coral North FLNG and Rovuma LNG onshore developments.
Coral South produces up to 3.5 MMt/year of LNG, with Coral North set to produce the same volumes. The 18-MMt/year Rovuma Onshore LNG development will be a modular, electric-drive design said to reduce the carbon intensity of the produced LNG.
Both these projects should be sanctioned during 2024/25.
This will be ADNOC’s first investment in 2025. Upon completion of the transaction, Galp will receive about $650 million, with further contingent payments of $100 million and $400 million payable once FID has been taken for the two new projects.
05.22.2024
