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XRG said this “significant investment continues XRG’s global investment momentum, underscoring our ambition to become a global leader in gas and LNG.”
“Together with NextDecade, BlackRock and the rest of the partners in Rio Grande LNG, we are looking forward to contributing to one of the world’s most ambitious LNG export projects as it proceeds from construction to operation, helping to meet growing global energy demand,” the company said.
XRG did not provide further details.
Last year, Adnoc purchased the 11.7 percent stake in the first phase of NextDecade’s Rio Grande LNG export terminal from Global Infrastructure Partners.
The first phase includes three liquefaction trains which are currently under construction.
The acquisition marks Adnoc’s first strategic investment in the US.
In addition, Adnoc and NextDecade also entered into a 20-year LNG offtake agreement for the fourth Rio Grande LNG train.
The 20-year LNG offtake agreement between Adnoc and NextDecade is for 1.9 million tons per annum (mtpa) on a free on board (FOB) basis at a price indexed to Henry Hub.
NextDecade recently made a final investment decision on the fourth train at its Rio Grande LNG facility in Texas.
Train 4 has expected LNG production capacity of approximately 6 mtpa, bringing the total expected LNG production capacity under construction at Rio Grande LNG to approximately 24 mtpa.
XRG’s LNG plans
In November 2024, Adnoc formed XRG, with an enterprise value of over $80 billion, to invest in gas and LNG, chemicals, and low-carbon energies.
Earlier this year, XRG said it aims to build a top five integrated global gas and LNG business, targeting 20–25 million tons per annum of capacity by 2035
This followed acquisitions and partnerships in the US (Rio Grande LNG), Mozambique (Area 4 Rovuma basin), Egypt (Arcius Energy), Azerbaijan (Absheron), and Turkmenistan (Offshore Block I).
Earlier this year, XRG completed the purchase of Galp’s 10 percent interest in the Area 4 concession of the Rovuma basin in Mozambique, which includes Eni’s Coral South FLNG project.
The acquisition will entitle it to a share of the LNG production from the concession, which has a combined production capacity exceeding 25 mtpa.
It is worth noting here that a consortium led by XRG recently withdrew its $18.7 billion takeover offer for Australian LNG player Santos.
