1st phase of the Angola LNG is at an advanced stage of execution

4 May 2012

The first phase of the liquid natural gas project in Soyo, Angola is at an advanced stage of execution said the Angolan oil minister, José Maria Botelho de Vasconcelos Wednesday in Houston, Texas.

According to Angolan news agency Angop the minister, who was speaking at a business meeting organised by the USA/Angola chamber of Commerce and by the Angolan government, said that expansion of the Angola LNG project remained open to new deals and partnerships.

The Angola LNG project is a partnership between the biggest oil companies operating in Angola – US company Chevron, with a stake of 17 percent, followed by Sonangol with 5.2 percent, BP, France’s Total and Italy’s ENI with an investment of 13.6 percent each. The project will have capacity to process 5.2 million tons of natural gas per year.

The minister also said that in 2011 the oil sector accounted for over 40 percent of Angola’s Gross Domestic Product and represented over 90 percent of total exports and around 60 percent of total revenues.

The meeting was held on the sidelines of the Annual Offshore Technology Conference (OTC) held from 29 April to 3 May in Houston. (macauhub)