The News
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 an LNG portfolio that 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. XRG plans to double its assets over the next decade by capitalizing on the energy transition and fast-growing power demand driven by artificial intelligence.