By Semafor Africa
Photos: YouTube\Wikimedia Commons
XRG, the international investment arm of Abu Dhabi National Oil Co., has acquired a 10% stake in a liquefied natural gas project in Mozambique, expanding its LNG portfolio, which includes assets in Azerbaijan, Egypt, and the US.
Mozambique discovered substantial gas reserves in the deepwater Rovuma Basin in 2010 and began exporting fuel last year. XRG’s acquisition is in the Area 4 concession, which is being developed by ExxonMobil and Eni.
Mozambique has attracted some of the largest energy investments in Africa. Another LNG project — stalled since 2021 due to militant attacks — is likely to resume soon after the Trump administration approved a $4.7 billion loan from the US Export-Import Bank. Fossil fuel exports are expected to transform the economy of one of southern Africa’s poorest nations.
