Chevron advances the Angolan LNG project

Tuesday, 11 December 2007

Cabinda Gulf Oil Co., a wholly owned subsidiary of Chevron, has a 36.4 percent interest in Angola LNG Ltd., which has entered into an investment contract with the Angolan government and Sonangol to develop the project.

Other Angola LNG shareholders are Sonangol with 36.4 percent interest and BP and Total, each with 13.6 percent interest.

The Angola LNG project plans to commercialize dedicated Angolan natural gas resources by collecting and transporting gas located offshore Angola to an onshore liquefaction plant located in the Soyo region of Zaire Province.

The project is designed to receive about one billion cubic feet of associated natural gas a day and produce 5.2 million metric tonnes a year of LNG and related gas liquids products.

It is expected to supply up to 125 million cubic feet a day of natural gas to Sonangol for domestic use in Angola.

“Chevron is pleased to participate in such a significant gas project, and this milestone underscores Chevron's commitment to grow an internationally competitive natural gas business that provides long-term, sustainable returns,” said George Kirkland, Chevron executive vice president, upstream and gas.

“Chevron's experience in executing technically and commercially complex projects is demonstrated by the progress of Angola LNG, which will establish Angola as a competitive source of LNG to the emerging global natural gas market,” Kirkland added.