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Eni signs MoU with Sonangol for acquisition of Angola LNG Limited stake

Source: www.gulfoilandgas.com 4/2/2007, Location: Africa

Eni and Sonangol have executed a Memorandum of Understanding for the acquisition by Eni Angola Exploration B.V. (a 100% affiliate of Eni) of a 13,6% stake in Angola LNG Limited Consortium (A-LNG). This company is responsible for the construction of an LNG plant in Soyo, 300 km north Luanda, with a yearly capacity of 5 million tons.

Upon completion of this agreement, Angola LNG Limited’s shareholding structure will be as follws: Sonangol 22.8%, Chevron 36.4%, Eni 13.6%, Total 13.6% and BP 13.6%.

The project, for a total investment of approximately 4 billion USD, has been approved by the Angolan Government and Parliament. It envisages, for 28 years, the development of 220 billion cubic meters of gas, the production of 128 million tons of LNG, 104 million barrels of condensate and 257 million barrels of LPG.

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, in which Eni, following this agreement, will acquire re-gasification capacity of 5 billion cubic meters per year.

The finalization of the Memorandum of Understanding is part of the strategic cooperation for the development of gas resources established between Sonangol and Eni with the Gas Agreement signed in December, 2006.

This initiative consolidates Eni’s important position in Angola, where it already produces around 153,000 barrels per day.

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