Dubai: UAE energy company ADNOC has made its second major LNG focused overseas investment in recent days, by buying 10 per cent in the Area 4 concession of the Rovuma basin in Mozambique. The Mozambique acquisition will allow ADNOC to a share of the LNG production from the concession, which has a combined production capacity exceeding 25 million tonnes per annum (mtpa).
ADNOC had earlier confirmed its first US based strategic investment, part of an expanded focus on international LNG related exposure.
-ADVERTISEMENT-Ads by
The Area 4 concession in Mozambique includes the operational Coral South Floating LNG (FLNG) facility, the planned Coral North FLNG development, and the planned Rovuma LNG onshore facilities. This is ADNOC’s first investment in Mozambique and 'complements ADNOC’s efforts to expand its lower-carbon LNG portfolio to meet growing gas demand'.
According to Musabbeh Al Kaabi, ADNOC's Executive Director for Low Carbon Solutions and International Growth, said: “For over 50 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.”
The Coral South development, currently in operation, is capable of producing up to 3.5 mtpa of LNG. It represents the 'first facility of its kind in Africa'.
The proposed Coral North development is expected to produce a further 3.5 mtpa of LNG through a FLNG facility to process and liquefy natural gas for export.
The 18-mtpa Rovuma Onshore LNG development will 'dramatically' reduce the carbon intensity of the LNG it produces, when compared to industry benchmarks. "The facility’s design philosophy and its emphasis on limiting carbon dioxide (CO2) emissions aligns with ADNOC’s ambition to achieve Net Zero by 2045," said a statement.
