XRG Makes Strategic Moves in Mozambique's Rovuma Basin: A New Dawn in Sustainable Energy
In a significant stride towards bolstering its global footprint, XRG has finalized its acquisition of a 10% interest in the Area 4 concession within Mozambique’s Rovuma Basin. Announced initially in May 2024, this acquisition marks XRG’s inaugural investment in the vibrant energy market of Mozambique and underscores the company’s commitment to sustainable energy solutions. This announcement comes as a breath of fresh air in a time when the world is increasingly seeking clean and efficient energy sources.
The Rovuma Basin is renowned for being one of the largest gas discoveries in the past fifteen years, promising substantial growth potential. XRG now has access to groundbreaking liquefied natural gas (LNG) projects capable of producing an impressive total of over 25 million tons per annum (mtpa). Among these projects are the operational Coral South Floating LNG (FLNG) and the upcoming Coral North FLNG, along with several onshore development initiatives overseen by Rovuma LNG.
Khaled Salmeen, XRG’s Chief Operating Officer, expressed enthusiasm about contributing to Mozambique’s energy landscape. “We are proud and excited to be part of the responsible development of Mozambique’s world-class Rovuma Basin,” he noted, highlighting the company’s aim to collaborate effectively with the Government of Mozambique and its partners. Salmeen emphasized XRG’s dedication to enhancing energy solutions that meet the growing demand while also stimulating sustainable economic growth in the region.
The Coral South FLNG, touted as Africa’s first of its kind, showcases XRG’s commitment to innovation, boasting a production capacity of 3.5 mtpa. It utilizes advanced technology to maximize energy efficiency, and with the Coral North FLNG on the verge of securing its final investment decision, another 3.5 mtpa of LNG production is on the horizon.
In addition, the onshore Rovuma LNG Phase 1 Project, led by ExxonMobil, is expected to complete its front-end engineering design (FEED) phase by 2025. The project promises to pioneer a modular electric drive design that aims to substantially reduce the carbon footprint associated with its anticipated production of 18 mtpa of LNG.
XRG’s latest acquisition aligns seamlessly with its broader vision of fostering sustainable economic growth and creating long-term value across the energy spectrum. With recent strategic investments in the USA, Mozambique, Azerbaijan, and Egypt, XRG is poised to lead the charge in the future of gas, chemicals, and low-carbon energy solutions.
As the world continues to pivot towards greener energy, XRG’s commitment in Mozambique signifies a promising step forward in the global transition towards a cleaner and more sustainable energy future. Keep an eye on developments in Mozambique’s energy sector, as they are sure to play a pivotal role in shaping the landscape of global energy in the years to come.
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Tags: #Mozambique, #Energy, #Sustainability
