News
XRG CONTINUES GLOBAL EXPANSION WITH ENTRY INTO MOZAMBIQUE’S ROVUMA BASIN LNG PROJECTS
- XRG joins ExxonMobil and Eni to unlock one of the largest global gas discoveries in the past 15 years
- Pivotal milestone in XRG’s international chemical growth strategy and ambition to become a top five global chemicals player
- Deal provides XRG access to a world class gas asset and combined potential of 25 MTPA from onshore and offshore LNG production
- XRG’s first investment in Mozambique builds on the company’s diversified integrated gas portfolio to flexibly meet growing demand in Europe and Asia
Global expansion
XRG has successfully reached deal completion on its acquisition of Galp’s 10% 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 tons 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
Coral South FLNG, the first development of its kind deployed in African waters, has a capacity to produce 3.5 mtpa of LNG through utilizing 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.