Following the announcement on May 22, 2024, Galp has successfully completed the sale of its upstream assets in Area 4 Mozambique to XRG P.J.S.C., a wholly-owned subsidiary of Abu Dhabi National Oil Company (ADNOC) P.J.S.C.
With completion, Galp collects a payment of c.$881 m in 1Q25, encompassing the equity value of shares, shareholder loans reimbursement and accumulated investments made since the transaction reference date of 31/12/2023.
Additional contingent payments of $100 m and $400 m will be made to Galp following completion, subject to the final investment decision of Coral North and Rovuma LNG, respectively.
Area 4 includes Coral South FLNG, in operation since 2022, as well as the prospective Coral North FLNG and Rovuma LNG onshore developments, both expected to be sanctioned during 2024/25.
