"It is nothing extraordinary, the concessionaires are free to make direct or indirect negotiations" about their stakes in consortiums, stated the INP president, Nazário Bangalane. Bangalane was speaking at a press conference, after the signing of concession contracts for oil exploration and production between the Government of Mozambique and the multinational China National Corporation (CNOC). "In the meetings we have had with Galp, there was this intention. However, there are procedures. The Portuguese company will officially submit the process, to be analyzed at the Government level and then we will know the real values" involved in the operation, he continued. Galp reached an agreement with the oil company from the United Arab Emirates ADNOC for the sale of its position in the consortium that explores natural gas in the Rovuma basin, in Mozambique, for almost 600 million euros. In a statement to the Securities Market Commission (CMVM), Galp announced that it will sell its 10% stake in Area 4 in Mozambique, an operation that should be concluded by the end of the year, following the "disciplined" investment strategy. "Area 4 includes the Coral Sul FLNG [acronym that identifies the floating platform], operating since 2022, as well as the 'onshore' developments in the prospective Coral Norte FLNG and Rovuma LNG, both expected to be approved in 2024/2025", states the document. The company should receive 650 million dollars (about 599 million euros) for its shares and shareholder loans, net of capital gains taxes. The agreement also provides for "additional contingent payments of 100 million dollars (92 million euros) and 400 million dollars (369 million euros) with the final investment decision of Coral North and Rovuma LNG, respectively". Area 4 is operated by Mozambique Rovuma Venture (MRV), a 'joint venture' jointly owned by ExxonMobil, Eni and CNPC (China), which holds a 70% stake in the concession contract. Galp, Kogas (South Korea) and ENH - Empresa Nacional de Hidrocarbonetos (Mozambique) each hold a 10% stake. Read Also: Galp approves reducing share capital by up to 9% and distributing 422 million (Portuguese version)