ADNOC’s investment subsidiary, XRG, has closed on the acquisition of Galp’s 10% interest in Mozambique’s Area 4 concession in the Rovuma basin—Mozambique Romuva Venture (MRV), led by ExxonMobil and Eni.
The acquisition announced in May 2024 gives ADNOC a share in the project’s 25 mtpa of liquefied natural gas (LNG) production across combined assets including the operational Coral South Floating LNG (FLNG), as well as the Coral North FLNG development and Rovuma LNG onshore facilities that are currently in planning stages.
“For over 50 years, ADNOC has been a reliable and responsible global provider of LNG, and we are building on this role with this landmark investment in the world-class Rovuma supergiant gas basin in Mozambique as we deliver on our international growth strategy,” Musabbeh Al Kaabi, ADNOC executive director for low-carbon solutions and international growth, said in the deal’s closing announcement on 22 March.
He added, “… this acquisition supports our efforts to build an integrated global gas business to ensure we continue providing a secure, reliable, and responsible supply of natural gas.”Formed in November 2024 with an enterprise value of $80 billion, XRG focuses on international investments in gas, chemicals, and lower-carbon energy solutions. As lead partners in MRV, ExxonMobil is constructing and operating the onshore liquefaction plant while Eni leads on construction and operation of Area 4 upstream offshore facilities.
Waiting for FID as Contract Awards Fly
In October 2024, ExxonMobil awarded front-end engineering design (FEED) to McDermott through a consortium with Saipem and China Petroleum Engineering and Construction Corp. for Phase 1 of the onshore LNG plant.
Also related to the onshore plant was an engineering, procurement, and construction (EPC) contract to JGC, Fluor, and TechnipFMC (JFT).
The latest concept for the 18-mtpa Rovuma Onshore LNG liquefaction plant is a modular, electric-drive design which produces LNG with a carbon intensity that compared to industry benchmarks is significantly reduced.
Modules that will make up the facility are to be fabricated offsite and then assembled at Afungi, increasing flexibility and reducing on-site execution risks. The newest design will also reduce greenhouse gas emissions more than the previous concept.
MRV is a joint venture between Eni, ExxonMobil, and CNPC, which holds a 70% interest in the Area 4 exploration and production concession with Eni as operator. Other partners with 10% stakes each include the Korean Gas Corp., Mozambique’s state-owed ENH (Empresa Nacional de Hidrocarbonetos E.P.), and ADNOC through its XRG subsidiary.
Looming Competition Stirs Things Up
ExxonMobil said it will take a final investment decision (FID) when FEED is completed. The company’s FY2024 year-end investor presentation predicts that it will happen in 2026.
Fitch Ratings, however, suggested that MRV’s partners might decide to speed things up after its competitor, TotalEnergies’ Mozambique LNG (Area 1), received US Exim Bank approval of $4.7 billion in loan guarantees for US goods and services related to EPC activities on 13 March.

TotalEnergies CEO Patrick Pouyanné stated that the bank’s 4-year pause on loan guarantee approval was a key issue that needed resolution before the French company could lift the force majeure it declared in 2021 due to the ongoing insurgency in the Afungi peninsula, where the TotalEnergies and MRV projects are located.
Operated by TotalEnergies (26.5% stake), partners in Mozambique LNG (Area 1) include: Mitsui E&P Mozambique Area1 Ltd. (20%), Mozambique’s ENH Rovuma Área 1, S.A. (15%), ONGC Videsh Ltd. (10%), Beas Rovuma Energy Mozambique Ltd. (10%), BPRL Ventures Mozambique B.V. (10%), and PTTEP Mozambique Area 1 Ltd. (8.5%).