Mozambique

Galp Completes $881m Divestment stake in Mozambique


Published: Monday March 31, 2025
By: Oilfield Africa Review

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.

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