Mozambique M&A | ADNOC makes its SSA debut by acquiring Galp’s stake in Area 4, offshore Mozambique

May 24, 2024

On 22 May 2024, ADNOC announced that it will acquire Galp’s entire shares and shareholder loans in its Mozambique subsidiary. At deal completion, Galp will receive US$650 million cash, net capital gains taxes and contingent payments of US$100 million and US$400 million that will be made when FID is taken on Coral North and Rovuma LNG respectively. The deal effective date is 31 December 2023.