A group of foreign investors in Angola have taken the final investment decision (FID) on the New Gas Consortium, paving the way for more gas deliveries to the Angola LNG plant.
Agência Nacional de Petróleo, Gás e Biocombustíveis (ANPG), Eni (MIL:ENI), Chevron (NYSE: CVX), Sonangol, BP (LON:BP) and TotalEnergies (LON:TTE) have agreed to develop the Quiluma and Maboqueiro fields.
A statement from ANPG said this was the first non-associated gas development in the country.
Development will begin this year with the aim of reaching first gas in 2026. It aims to reach 330 million cubic feet per day of production.
The work will consist of two offshore platforms, a gas processing plant and a pipeline to the Angola LNG plant. The liquefaction plant will also export condensates from Quiluma and Maboquiero.
Gas for Angola LNG will come from Blocks 2, 3 and 15/14. The first phase is focused on the shallow water Quiluma and Maboqueiro fields.
The joint statement said approval of the Quiluma and Maboqueiro development was an “important milestone” in unlocking new sources of reliable supply for the LNG plant.
New Angola
ANPG president Paulino Jerónimo described the move as a “historic decision” and pledging the agency’s support. This move will bring a “new dynamic” to Angola’s energy industry, he said. ANPG will “do everything to ensure that gas becomes a sustainable and profitable business for investors in our country”, he said.
Eni has a 26.6% stake in the consortium, while Chevron has 31%, Sonangol 19.8%, BP 11.8% and Total 11.8%. Eni took FID on the two-field project in December 2021.
The statement also noted the importance of the new legal regime. Presidential Decree (PD) 7/18 set the stage for companies to develop gas projects commercially.
Before this 2018 law, companies were required to hand over gas – free of charge – to Sonangol. The legislation also offered reduced tax on gas production.