Reuters is reporting that, according to the new National Oil, Gas and Biofuels Agency (ANGP), Angola has formed a consortium with five international oil companies to develop its Soyo LNG project.
The Soyo project is currently projected to carry an initial cost of US$2 billion, and is scheduled to start production in 2022. Italy’s Eni has been selected to operate the project.
It has been agreed that the costs of the project will be distributed between the members of the consortium according to participation. The consortium member stakes are as follows: Chevron – 31%; Eni – 25.6%; Sonangol P&P – 19.8%; Total – 11.8%; and BP – 11.8%.
The Soyo LNG project is designed to process 1.1 billion ft3/d of natural gas, and will have the capacity to produce 5.2 million tpy of LNG.