Opinion

ADNOC acquires stake in Rovuma LNG from Galp

The transaction supports ADNOC's international gas strategy and the high grading of Galp's upstream portfolio

1 minute read

Ian Thom

Research Director, Upstream

Ian brings 18 years of experience to his role as head of regional analysis for Europe, Russian, Caspian and Africa

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Vincenza Papaleo

Principal Analyst, Sub-Saharan Africa Upstream

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Wood Mackenzie

Gavin Young

Principal Analyst, Middle East Upstream

Gavin brings more than a decade of industry experience in exploration, new ventures, corporate strategy and valuations.

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On 22 May, ADNOC announced it had acquired Galp Energia's 10% stake in Area 4 Mozambique. The asset comprises the Coral Sul Floating LNG project and two development opportunities: Coral Norte FLNG and Rovuma LNG. The transaction supports ADNOC's international gas strategy and comes just days after it announced its entry into US LNG through a stake in Rio Grande.

For Galp, this deal continues the high grading of its upstream portfolio, having sold its Angola assets in 2023. Focus will now shift towards a farm-down of its 80% stake in the giant Mopane discovery, offshore Namibia, and its eventual development.

ADNOC has a history of leveraging domestic partnerships to support its international expansion. This latest deal will mark its first entry into international upstream LNG and strengthen relationships with CNPC, Eni and ExxonMobil, all of whom have material interests in the UAE.

In a new video, we draw on insight from the Lens Upstream platform to discuss the strategic drivers behind the deal in more detail.

This includes:

  • What the deal means for Rovuma LNG and the wider Mozambique upstream sector
  • Why Galp is selling and what it means for its business, including Mopane in Namibia
  • How the move aligns with ADNOC's international gas strategy.

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