Page 6 - Sofala News Today

In a significant move signaling its international growth strategy, the Abu Dhabi National Oil Company (ADNOC) has announced the acquisition of a 10 p

As it continues to expand its international operations, ADNOC has acquired a 10% interest in an LNG project offshore Mozambique.

Abu Dhabi National Oil Co. (ADNOC) will purchase the stake in the Area 4 concession from Galp Energia SGPS SA, it said in a statement Wednesday. Galp will receive $650 million, and further contingent payments of as much as $500 million when two planned development phases go ahead, the Portugese company said in a separate statement.

The deal will give ADNOC a share of the liquified natural gas output from the concession, which has a combined capacity of over 25 million metric tons per pear, the company said in a statement.

The deal will give ADNOC a share of the liquified natural gas output from the concession, which has a combined capacity of over 25 million metric tons per pear, the company said in a statement.

Following the completion of major offshore gas projects, Mozambique will become the fourth largest LNG producer worldwide, with more than 30...

Following the completion of major offshore gas projects, Mozambique will become the fourth largest LNG producer worldwide, with more than 30 million tons

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