Offshore staff
MILAN, Italy -- Eni and Sonangol have executed a memorandum of understanding (MoU) for Eni Angola Exploration B.V. to acquire a 13.6% stake in the Angola LNG Ltd. consortium (A-LNG). A-LNG is responsible for building an LNG plant in Soyo, 300 km (186 mi) north Luanda, with a yearly capacity of 5 million tons.
Upon completion of this agreement, Sonangol will have 22.8% interest in A-LNG, with partners Chevron holding 36.4%, Eni holding 13.6%, Total holding 13.6%, and BP holding 13.6%.
The $4-billion project has been approved by the Angolan government and parliament. Over a 28-year period, 220 bcm (7.77 tcf) of gas will be developed, resulting in the production of 128 million tons of LNG, 104 MMbbl of condensate, and 257 MMbbl barrels of LPG.
The LNG will go to the US market. It will be delivered to the re-gasification plant in Pascagoula, Mississippi, in which Eni will acquire re-gasification capacity of 5 bcm/yr.
4/3/2007
