Mozambique: Mining company to dismiss over 350 workers
Galp completes sale of 10% stake In Area 4 Mozambique to ADNOC for $881 mln
4:26 CAT | 28 Mar 2025
FILE - General view of the ADNOC headquarters is seen in Abu Dhabi, United Arab Emirates, December 23, 2018. Photo taken December 23, 2018.[File photo: Reuters/Hamad I Mohammed]
- Completion of 10% stake divestment in Area 4 Mozambique
- Announcement
- March 28, 2025
Following the announcement on May 22, 2024 (here), 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.
READ: ADNOC makes first foray into Mozambique with 10% stake in GALP concession – Reuters
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Source: Galp
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