Gas Natural, Sonangol Sign Angolan Exploration Deal

Gas Natural has signed an agreement with Sonagas, a subsidiary of Sonangol, Angola's national oil company, to set the framework for the development of an integrated project in this African country, which counts on one of the largest potential gas reserves.

The agreement sets the conditions for the setting up of an international consortium, which would be entrusted with the development of the integrated gas project. The consortium's initial task would be to identify and appraise the available gas reserves.

Gas Natural will hold a 20% stake in the future consortium. Sonagas will be a key investor and will be the project's operator. Other international energy companies will be part of the consortium.

This agreement is consistent with Gas Natural's strategy to have a presence in the whole of the gas value chain.

Angola is one of the countries with the highest potential in exploration and production of hydrocarbon reserves. Sonagas's objectives, among others, are investing in exploration, development, production, and marketing of the natural resources by setting up consortia with international companies.

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