XRG, the global investment arm of the Abu Dhabi National Oil Company, has secured a 10% stake in Mozambique’s liquefied natural gas (LNG) project in the Rovuma Basin, marking a strategic expansion of its global energy portfolio. The Area 4 concession, operated by ExxonMobil and Eni, adds to XRG’s growing LNG holdings in Azerbaijan, Egypt, and the US. Mozambique, which began LNG exports last year, has become a key player in Africa’s energy scene, attracting significant investment. However, the country has faced security setbacks in its drive to monetize its energy resources. Fortunately, Mozambique’s fortunes look set to change as the US recently approved a $4.7 billion loan that will undoubtedly help expand operations.
Source: SEMAFOR
