Abu Dhabi-based company XRG has announced the completion of its acquisition of a 10% stake in the Area 4 concession of the Rovuma Basin in Mozambique from the company Galp. This strategic move is part of XRG’s efforts to enhance its global presence in the liquefied natural gas (LNG) sector.

The acquisition is significant as the Rovuma Basin is known for its substantial natural gas reserves, which are expected to play a crucial role in meeting global energy demands. XRG’s investment in this project reflects its commitment to expanding its portfolio in the energy sector and reinforces its position in the growing LNG market.

XRG’s management expressed enthusiasm about the acquisition, highlighting its potential to contribute to the company’s long-term growth strategy in the energy industry. The company aims to leverage its investment to enhance operational capabilities and capitalize on emerging opportunities in the natural gas sector.