The UAE company ADNOC announced the acquisition of a 10% stake from Ghalib Company in the Zone 4 concession in the Rovuma Basin in Mozambique. This represents its first investment in this country, and the value of the deal was not disclosed.

The Block 4 concession includes the Coral South Floating LNG Terminal, which is currently operational, and the Coral North Floating and Rovuma Onshore LNG Terminals, which are scheduled for future development.

Through this step, ADNOC aims to benefit from gas reserves and future projects whose production capacity is expected to reach more than 25 million tons annually.

This step comes as part of the company's efforts to expand its portfolio in the low-carbon liquefied natural gas sector. With the aim of meeting the growing demand for this vital resource and supporting an orderly and responsible energy transition.

This deal also comes in the wake of Bloomberg reports that indicated that the UAE is intensifying its deals in the African continent, outperforming traditional players in the market.