Angola LNG Moves Forward

Angola LNG Limited confirmed two significant accomplishments in its work with the Government of Angola to complete the conditions necessary to sanction development of the Angola LNG Project.

Specifically, in January the Minister of the Ministry of Urbanism and Environment issued the "Licenca Ambiental de Instalacao" that approves the Environmental, Social, and Health Impact Assessment (ESHIA). The Council of Ministers also endorsed the enabling legislation and project agreements necessary to develop the Project and submitted these to the National Assembly for legislative authorization.

Manuel Vicente, Chairman of Sonangol EP, expressed his appreciation to the Angola LNG sponsors for the excellent work that had been developed and for their continued support of Angola LNG. Vicente also expressed the recognition that the Project will bring strategic benefits to Angola as the largest single investment in country.

Syanga Abilio, Chairman of Angola LNG, noted the Project continues to place great importance on stimulating Angola's economy and creating new employment opportunities for Angolans. Abilio, on behalf of the consortium, also expressed satisfaction for the continuous support Angola LNG had been receiving from the Angola Government.

Angola LNG Limited also confirmed the award of two contracts in its continuing preliminary development program: a contract for preparation of the plant site in Soyo, Angola to the joint venture of Boskalis International BV - Jan de Nul Dredging Ltd, and a contract for advance engineering and procurement to Overseas Bechtel, Incorporated.

Angola LNG Limited is a venture that is developing an integrated gas utilization Project encompassing offshore and onshore operations to monetize gas resources from Blocks located offshore of Angola. The Project plans to receive approximately 1 BCF/day of associated gas from offshore oil fields and produce 5 mmt/yr of LNG and related gas liquids products as well as supply up to 125 mmscf/d for Angola's domestic gas needs. The Project is expected to facilitate continued offshore oil development while reducing gas flaring in Angola.

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