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ADNOC enters Mozambique gas industry with acquisition of Galp assets
Abu Dhabi National Oil Company (ADNOC) has bought Galp’s (GALP.LS), opens new tab 10% stake in the Area 4 concession of the multi-billion-dollar natural gas project in Mozambique’s Rovuma basin, its fourth international foray into gas.
The deal ADNOC announced on Wednesday comes hot on the heels of it acquiring an 11.7% stake in NextDecade’s Rio Grande liquefied natural gas (LNG) export facility in Texas, confirmed on Monday.
ADNOC has big ambitions in gas and LNG, which along with renewable energy and petrochemicals, it sees as pillars for its future growth. It plans to grow its 6 million metric tons per annum (mtpa) LNG capacity to 15 mtpa.
Demand for natural gas soared as Europe scrambled to secure supplies to replace Russian gas in the wake of Moscow’s invasion of Ukraine last year.
Galp said it would receive around $650 million for its shares and shareholder loans, already net of capital gain taxes when the deal is completed, expected this year. Lease liabilities were $525 million as of end-2023, it added.