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Angola forms consortium for large LNG project

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Angola has formed a consortium with five international oil companies, including Eni and Chevron, to develop LNG for its Soyo plant, the recently formed national oil, gas and biofuels agency ANGP said.

This project will have an initial cost of $2 bill, and aims to start production by 2022, an ANGP spokesman told Reuters on the sidelines of the Africa Oil Week conference in Cape Town.

Italy’s Eni will operate the project, and the consortium members will share costs according to their participation.

Chevron will take a 31% stake, Eni 25.6%, Sonangol P&P 19.8%, Total 11.8% and BP a 11.8% stake in the project.

The Soyo LNG plant is designed to process 1.1 bill cu ft of natural gas per day and has the capacity to produce 5.2 mill tonnes of LNG per year, as well as propane, butane and condensate.