Mozambique’s Rovuma basin partners may change after Galp decision to sell shares

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  • The Mozambican Ministry of Mineral Resources and Energy has announced that the partners of Area 4 of the Rovuma basin, off the coast of the northern Mozambican province of Cabo Delgado, may change, since the Portuguese oil and gas company, Galp, has decided to sell its position to the Emirati oil company ADNOC, in the consortium exploiting natural gas. 
  • ADNOC has reportedly struck a deal worth up to US$1.15 billion to acquire a strategic stake in ExxonMobil’s Area 4 concession in Mozambique’s gas-rich Rovuma basin from Galp.  Read more

“In accordance with the legislation in force, this transaction is subject to the approval of the Area 4 partners as well as the government which, through the competent authorities, will have to calculate the respective capital gains”, reads the note.

According to the Portuguese media, Galp has decided to sell its shares in Mozambique and will use the money to continue its investment in Namibia where they are short of cash to develop a prolific oil find. Read more

The partners recently approached the Mozambique government to double capacity by developing the Coral North FLNG Project, a replica of the Coral Sul project, which is in the process of being evaluated. Read more

Author: Bryan Groenendaal

Source: AIM

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