BY SARAH KENT
LONDON -- Angola shipped its first cargo of LNG following
delays of more than a year to the country's flagship LNG
project, Angola LNG said Monday in a press statement.
The first cargo was bought by state oil company, Sonangol,
and is being shipped to Brazil, the company said.
The venture, a 5.2 MMtpa LNG
project led by Sonangol and Chevron.
was supposed to begin commercial shipments at the beginning of
2012. However, the start of exports was delayed several
In addition to the delays, the large LNG
project has faced challenges due to
the growth of the indigenous natural
gas market in the US.
Originally the plan had been to deliver the LNG from the
plant to the US market, but the shale gas boom in the country
has forced the company to look for new customers in Asia and
Angola LNG said it has executed a large number of master LNG
sale and purchase agreements with energy companies across the
world, "providing Angola LNG with a robust and diverse
portfolio of customers."
It is also negotiating further agreements, it said.
"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." said Antonio Orfao, Chairman
of Angola LNG.
"The project provides a solution to minimize 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" he added.
BP, Eni, and Total each hold a stake of 13.6% in the project, while Sonangol holds 22.8%
and Chevron 36.4%.
Dow Jones Newswires