- The signing of an investment contract between the Angolan government and Sonangol makes it finally possible to implement the country's liquefield natural gas (Angola LNG Limited).
Angola LNG also announced the signing by project entities of gas supply, gas sales, and re-gasification agreements to finalise the commercial requirements for the project. The sealing of the agreements and approval by the Angolan government was a positive development, as project investors have authorised Angola LNG to proceed with the construction and implementation of the project.
The project will utilize associated natural gas initially from the Cabinda Association and from Blocks 14, 15, 17 and 18, as well as from the dedicated non-associated gas fields [Quiluma, Enguia North, Atum and Polvo fields]. It will enable the collection and transportation of offshore gas to an onshore liquefaction plant located near the town of Soyo in the Zaire Province.
Apart from reducing natural gas flaring and greenhouse gas emissions from offshore oil producing areas, the project will also facilitated continued offshore oil field development and contribute to the development of a future natural gas-based industry within Angola.
The Angola LNG project is expected to receive approximately 1 billion cubic feet of associated gas per day from offshore producing blocks and produce 5.2 million tones per year of LNG, as well as related gas liquids products. It is also expected to process and treat up to 125 million cubic feet per day of gas for use in industrial projects. The project's construction and operation phases will provide new jobs and create opportunities for sustainable business development in Angola, particularly in Soyo and the Zaire province.
"Angola LNG will be the largest single investment ever made in Angola. The Angolan government is pleased to lend its support to this project, which will create significant new employment and economic benefits for the country," Desiderio da Costa, Minister of Petroleum in Angola, said.
"The project will provide the utilization of natural gas which otherwise would be flared in our offshore oil producing areas. This creates the environment for sustainable oil development, and will be the starting point for establishing a natural gas-based industry in Angola," Manuel Vicente, Chairman of Sonangol E.P., who represent the national oil sector Concessionaire, said.
"The Angola LNG Project has been made possible because of the commitment demonstrated by the investing companies as well as the continuous support from the Angolan government and Sonangol. Site preparation has already commenced, and engineering and procurement activities are well advanced," said Syanga Abilio, Chairman of the Board of Angola LNG Limited.
The project's first liquefied natural gas is expected by early 2012 and will be deliverd into the U.S. natural gas market via the Clean Energy regasification terminal near Pascagoula, Mississippi which is under development by Gulf LNG Energy LLC.
The major investors and shareholders of the project include Sonangol Gas Natural and Chevron, with each holding 36.4% .
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