Latest news with #CoralNorthFLNG
Yahoo
15-05-2025
- Business
- Yahoo
ADNOC's XRG acquires 38% stake in Turkmenistan's offshore Block I natural gas field
ADNOC's international investment arm, XRG, has acquired a 38% stake in an offshore natural gas block in Turkmenistan, marking a significant step in the company's global expansion strategy, according to a report by Reuters. This move aligns with Abu Dhabi's broader objective to diversify its energy portfolio and reduce reliance on oil export revenues. XRG, which specialises in lower-carbon energy and chemicals, was launched in November last year with an enterprise value of more than $80bn (Dh293.8bn). The company's mandate includes pursuing international deals in chemicals, natural gas and renewables. The stake in the Block I offshore block will position XRG alongside Malaysia's Petronas, which holds a 57% interest, and Turkmen state company Hazarnebit with 5%. The partners have also signed a long-term gas sales agreement with Turkmengas and a production sharing contract with Turkmennebit. The Caspian Sea block currently yields 400 million cubic feet of natural gas per day and is estimated to contain more than seven trillion cubic feet of gas resources. XRG highlighted the block's "significant long-term potential" and opportunities for future production expansion. In addition to the Turkmenistan venture, XRG finalised the creation of Arcius Energy in December, a joint venture (JV) set to operate in Egypt. With bp holding a 51% majority stake and XRG the remaining 49%, the JV represents a strategic move for ADNOC to extend its international footprint. Arcius Energy's assets in Egypt include the Shorouk concession, home to the producing Zohr field, operated by Belayim Petroleum. Additionally, XRG finalised its acquisition of a 10% stake in the Area 4 concession in Mozambique's Rovuma Basin from Galp in March. The deal, initially announced in May 2024, signifies XRG's first investment in Mozambique, aligning with its strategy to expand its integrated gas portfolio and support a transition to sustainable energy. The Rovuma Basin, recognised for its significant gas discoveries, provides XRG with an opportunity to engage in LNG projects that have a potential combined production capacity exceeding 25 million tonnes per annum. The acquisition encompasses interests in the operational Coral South FLNG (floating LNG), the upcoming Coral North FLNG and the onshore Rovuma LNG development projects. "ADNOC's XRG acquires 38% stake in Turkmenistan's offshore Block I natural gas field" was originally created and published by Offshore Technology, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site.
Zawya
28-03-2025
- Business
- Zawya
XRG continues global expansion with entry into Mozambique's Rovuma Basin LNG projects
ABU DHABI - XRG has reached deal completion on its acquisition of Galp's 10 percent interest in the Area 4 concession in Mozambique's Rovuma Basin, initially announced in May 2024. This strategic investment, XRG's first in the country, reflects the company's goal of building a world-scale, integrated gas portfolio to meet growing global demand while fostering a smarter, cleaner and more sustainable energy future. The Rovuma Basin, one of the largest gas discoveries in the past fifteen years, offers XRG access to pioneering LNG projects with a combined potential production capacity of more than 25 million tonnes per annum (mtpa). This acquisition includes stakes in the operational Coral South Floating LNG (FLNG), the planned Coral North FLNG and Rovuma LNG's onshore development projects. Khaled Salmeen, XRG's Chief Operating Officer, said, "We are proud and excited to be part of the responsible development of Mozambique's world-class Rovuma Basin. Together with the Government of Mozambique and our partners, we are looking forward to sharing our expertise, adding value and accelerating these developments towards their full potential LNG capacity. This milestone investment will enhance XRG's ability to provide energy solutions to meet rising demand and help unlock sustainable economic growth." Coral South FLNG, the first development of its kind deployed in African waters, has a capacity to produce 3.5 mtpa of LNG through utilising cutting-edge technology with a strong focus on energy efficiency. Coral North FLNG, with an imminent final investment decision (FID), would produce an additional 3.5 mtpa of LNG offshore. Both offshore projects are led by Eni. Meanwhile, the onshore Rovuma LNG Phase 1 Project, led by ExxonMobil, is expected to complete its front-end engineering design (FEED) phase in 2025 based on an innovative modular electric drive design to significantly reduce the carbon intensity of its anticipated 18 mtpa of LNG production. The acquisition strengthens XRG's growing international portfolio across the energy spectrum. Focused on driving sustainable economic growth and long-term value creation, XRG targets three key growth pillars: gas, chemicals, and low-carbon energy solutions. Central to XRG's long-term strategy are gas and LNG, with recent strategic acquisitions in the United States, Mozambique, Azerbaijan and Egypt.
