Latest news with #CoralSouthFLNG
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
11-04-2025
- Business
- Zawya
United Arab Emirates (UAE) Drives Strategic Push into Africa's Oil & Gas Industry
The UAE's investment footprint in Africa's oil and gas sector has expanded with its recent entry into Mozambique's Rovuma Basin. XRG, the international energy investment arm of Abu Dhabi National Oil Company, made headlines last month by entering Mozambique's lucrative gas market, underscoring the UAE's expanding influence in Africa's energy sector. The move is a key part of the country's strategy to strengthen its position as a major player in Africa's energy landscape, highlighting its confidence in the region's long-term growth potential. XRG Expands into Mozambique, Egypt XRG's acquisition of a 10% interest in the Area 4 concession in Mozambique's offshore Rovuma Basin signifies more than just an expansion for the company – it reflects a broader geopolitical and economic vision that aligns with the UAE's strategic interests. The basin is one of the world's most significant natural gas reserves, with the potential to shape global LNG markets in the coming decades, driven by integrated gas developments with a production capacity exceeding 25 MTPA. The acquisition includes stakes in the operational Coral South FLNG and the planned Coral North FLNG and Rovuma LNG projects. XRG's decision to invest in the region underscores its understanding of the growing demand for energy resources and the importance of securing diverse sources to ensure energy security. In December 2024, XRG partnered with bp to establish a new regional gas platform and joint venture, Arcius Energy, focused on the development of gas assets in Egypt. The company aims to build a world-scale integrated gas and chemicals portfolio to meet rising global demand, leveraging Africa's gas-rich hotspots to achieve this. Through these investments, the UAE is positioning itself as a leading partner in Africa's energy future, which will likely continue to strengthen its economic and diplomatic ties with the continent. UAE Becomes Africa's Largest Investor The UAE's push into Africa's oil and gas sector is part of a broader trend that has seen it emerge as Africa's largest investor, surpassing even China. As reported by the Middle East Monitor, the UAE has overtaken China as the continent's biggest source of foreign direct investment, with investments from Emirati companies totaling $110 billion between 2019 and 2023. This shift marks a significant milestone in the UAE's strategy to diversify its investment portfolio and expand its influence across Africa, a continent rich in untapped potential and actively seeking foreign capital to drive its growth and development. With investments spanning key sectors like infrastructure, energy and technology, the UAE has strategically positioned itself as an economic partner of choice for African nations. These investments include green hydrogen projects in Mauritania; Masdar's $2-billion commitment to renewable energy in Africa through 2030; and the expansion of major players like Dubai's DP World - which operates six African ports - and Abu Dhabi Ports, which has extended its presence into Guinea, Egypt and Angola. The UAE's growing investment in Africa's oil and gas industry aligns with the country's broader goals of securing reliable energy supplies, diversifying its own energy portfolio and fostering long-term economic partnerships with African nations. AEW 2025: A Platform for Gulf Investors The UAE's accelerated investments in Africa's energy sector will take center stage at the upcoming African Energy Week (AEW): Invest in African Energies 2025 in Cape Town. The conference will provide a platform for Emirati and Gulf investors to engage with key stakeholders, discuss strategies for expanding in Africa and explore new opportunities within the continent's rapidly evolving energy sector. With a focus on oil, gas and clean energy, AEW 2025 will be a critical gathering for investors like XRG to showcase their projects, forge partnerships and deepen their involvement in Africa's energy development. AEW 2025 will also serve as a venue for African energy leaders to discuss the vital role of private investment in unlocking the continent's energy potential. As a leading investor, the UAE's growing influence in Africa's oil and gas sector will be highlighted at the event, reinforcing its position as a key partner in driving investment, innovation and collaboration. Distributed by APO Group on behalf of African Energy Chamber. AEW: Invest in African Energies is the platform of choice for project operators, financiers, technology providers and government, and has emerged as the official place to sign deals in African energy. Visit for more information about this exciting event.
Yahoo
09-04-2025
- Business
- Yahoo
Mozambique Government approves Eni's Coral Norte FLNG plan
The Mozambique Government has reportedly approved Eni's Coral Norte floating liquefied natural gas (FLNG) development plan. This approval paves the way for a final investment decision (FID) on the project, which aims to produce 3.55 million tonnes per annum (mtpa) of LNG over a period of 30 years from the Rovuma Basin offshore Mozambique, reported Reuters. Eni's first FLNG plant, Coral South FLNG, commenced gas exports to Europe in 2022. Coral South FLNG has a gas liquefaction capacity of 3.4mtpa and will produce 450 billion cubic metres of gas from the Coral reservoir in the Rovuma Basin. It is the first FLNG facility deployed in deep waters off the African continent. Coral South is also the inaugural project to capitalise on the 85 trillion cubic feet of gas discovered by Eni in Area 4 of the Rovuma Basin. Additionally, Eni, as the delegated operator of Area 4 in the Rovuma Basin, celebrated the shipment of the 100th cargo of LNG from Coral South FLNG. The Area 4 operation is managed by Mozambique Rovuma Venture, a joint venture owned by Eni, ExxonMobil and China National Petroleum Corporation, holding a 70% interest in the Area 4 exploration and production concession. Other shareholders in Area 4 include ADNOC's subsidiary XRG, KOGAS and ENH, each with a 10% participation interest. In a related development, the US Export-Import Bank has sanctioned a $5bn loan to support the Mozambique LNG project led by TotalEnergies. This decision marks progress towards resuming the $20bn venture, which has been on hold since 2021 due to security concerns in the Cabo Delgado province. The project awaits reapproval of loans from the UK and Dutch export credit agencies. "Mozambique Government approves Eni's Coral Norte FLNG plan" 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.
