ADNOC acquires Galp’s stake in Area 4 gas projects offshore Mozamnbique

Galp Energia has completed the sale of its upstream assets in Area 4 offshore Mozambique to ADNOC subsidiary XRG P.J.S.C.

The initial payment is about $881 million. Further payments of $100 million and $400 million will follow once Eni and its partners take FID on the Coral Norte FLNG and Rovuma LNG projects.