Angola to start exporting liquid natural gas in first quarter of 2012

9 December 2011

Luanda, Angola, 9 Dec – The Angola LNG company, located in Soyo in Angola’s Zaire province is due to start exporting liquid natural gas in the first quarter of 2012, the national commercial director of the Oil Ministry said Thursday in Luanda.

Albino Ferreira, who was speaking at the opening of the seminar on “Valuation of Oil and Gas,” said that integration of liquid natural gas in the range of the country’s export products required Angolan sector bodies to increase their knowledge about this market according to Angolan news agency Angop.

Speaking on the theme of the seminar Ferreira said that the value of crude oil depended on a number of variables, including the quality of the product, seasonal factors, geopolitical factors, behaviour of economies and speculation.

He also said that, with the increasing involvement of financial investors in the oil market, crude oil was an alternative asset to stocks and shares, raising prices to unprecedented levels as these rises often occur at a distance from levels of supply and demand of and for the product.

In relation to the Angolan crude oil market in 2010, he said that around 624.40 million barrels were exported at an average price of US$77.925 per barrel.

The seminar on “Valuation of Oil and Gas,” underway for two days, brings together international speakers with experience in the oil market, representatives of Ministries of Finance, Economy, and Planning and from oil companies operating in Angola. (macauhub)