07/10/2025 | Moçambique

Galp updates on Mozambique Area 4 developments

Pursuant to the agreement with XRG P.J.S.C., subsidiary of ADNOC, for the sale of Galp’s upstream assets in Area 4, offshore Mozambique (here), and upon the final investment decision (FID) of the Coral North FLNG project, Galp confirms the respective contingent payment of $100 m to be collected during 4Q25.

An additional contingent payment of $400 m will be made to Galp subject to the final investment decision of the Rovuma LNG project.

In addition, Galp has formally notified the State of Mozambique of a dispute under international reciprocal promotion and protection of investments. Galp will request the assessment of the Mozambican State’s conduct in relation to the capital gains tax dispute arising from the sale of Galp’s stake in Mozambique Area 4. This notice marks the first step toward initiating arbitration proceedings.