SOYO, Angola, June 16, 2013 /PRNewswire/ --
- Project provides new source of LNG to help meet global demand
Angola LNG, the Soyo-based facility built to create value from Angola's offshore gas resources, confirms that production of liquefied natural gas (LNG) has safely commenced at the Angola LNG plant in Soyo and that its first cargo has been shipped today. This marks the first new LNG supply to come on-stream since 2010, and provides a new source to meet the increasing global demand for LNG.
The first cargo was sold to Angola's state oil & gas company Sonangol and is currently being shipped to Brazil by the SS Sonangol Sambizanga, one of seven 160,000 m3 LNG vessels that are under long-term charter to the Angola LNG project.
Commenting on the first cargo Artur Pereira, CEO, Angola LNG Marketing said: "Angola LNG is entering the market at an exciting time. The world LNG market is expected to remain tight over the coming years, with very limited new LNG capacity coming on-stream. We are delighted to be producing and shipping our first LNG cargo."
A large number of master LNG sale and purchase agreements have been executed with energy companies across the world, providing Angola LNG with a robust and diverse portfolio of customers. Further agreements are currently being negotiated.
Today's announcement marks a milestone in the continued development of Angola's oil and gas resources. As the largest single investment in the Angolan oil and gas industry the project is set to play a key part in the financial prosperity of Angola.
"Angola LNG's vision is to be a reliable and competitive supplier, a strong community partner, and a role model for the economic development of Angola." added António Órfão, Chairman, Angola LNG Ltd. "The project provides a solution to minimise flaring and environmental pollution by gathering associated gas from Angola's offshore oil fields to provide clean and reliable energy to our customers and a return on investment for our shareholders."
Angola LNG is a partnership between Sonangol, Chevron, BP, ENI and Total that will gather and process gas to produce and deliver LNG and NGLs. The project has an expected life of at least 30 years.
Notes to editors:
Angola LNG will gather, process, sell and deliver 5.2 million tons per year of LNG - plus natural gas, propane, butane and condensate - from its plant in Soyo, Angola; one of the world's most modern LNG processing facilities. Angola is the second-largest oil producer in sub-Saharan Africa. Historically associated gas has been flared or re-injected into the reservoirs, but Angola LNG provides a solution to reduce emissions and establish a new source of clean energy.
Shareholders of Angola LNG are Sonangol (22.8%), Chevron (36.4%), BP (13.6%), ENI (13.6%), and Total (13.6%).
At $10bn the Angola LNG project is one of the largest ever single investments in the Angolan oil and gas industry. Offering a dedicated fleet of seven LNG vessels and three loading jetties (LNG, liquids and compressed butane) the project's mission is to eliminate flaring of gas, provide clean and reliable energy to customers and maximize return on investment.
For more information contact:
Angola LNG Marketing Ltd
SOURCE Angola LNG Marketing Ltd