Eni acquires a participation stake in the Angola LNG Project

Source: www.gulfoilandgas.com 12/10/2007, Location: Africa

Eni acquired from Sonangol Gas Natural (Sonagas) a participation stake of 13,6% in the Angola LNG Limited consortium. Angola LNG Limited is composed of Sonagas (22.8%), Chevron (36.4%), Eni (13.6%), Total (13.6%) and BP (13.6%).

The consortium is responsible for the construction of a liquefaction plant in Soyo, 350 Km north of Luanda, with a yearly capacity of 5.2 million metric tons of LNG. The project was sanctioned today and the plant will treat approximately 300 billion cubic meters of gas (associated to oil production) during the project’s expected lifespan of 30 years. In addition to LNG, the plant will also produce significant quantities of propane, butane and condensates.

The LNG will be directed to the United States market and will be delivered to the re-gasification plant of Pascagoula, in the Gulf of Mexico.

The Angola LNG project has a high environmental value since it allows the collection of the associated gas from the offshore blocks, in compliance with the existing zero flaring policy.

The involvement of Eni in the Angola LNG consortium is part of the strategic cooperation established between Sonangol and Eni, signed in December 2006 and aiming at the development of gas resources.


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