A major milestone was reached on December 10, 2007, when Project sponsors made the Final Investment Decision (FID) whereby Angola LNG Ltd. entered into an Investment Contract with the Government of Angola and Sonangol, defining the final provisions necessary to implement the Angola Liquefied Natural Gas (Angola LNG) Project.

Project construction began in November 2008, with Bechtel, alongside ConocoPhilips, overseeing the project. Plant Construction is on schedule and due for completion in late 2011. The first gas will be produced and the project commissioned on 2011. The first gas cargo is scheduled to be transported in the first quarter of 2012.

Angola, an OPEC member, is one of the world’s deep water oil exploration “hot spots”. More than 50 significant oil discoveries in Blocks 14, 15, 17 & 18 are believed to contain at least 10 billion barrels of oil. As the fields are developed, oil production is scheduled to increase to more than two million barrels per day by 2008.A total of Usd 50 billion will be invested in the Angolan Oil Industry in the 2007/2013 period.

With the increase in oil production come large quantities of associated gas. Historically, in the absence of a local market, associated gas has been flared or re-injected into the reservoirs. Sonangol, the state oil company, and some of its oil producing partners are developing the Angola LNG Project to reduce flaring of a non-renewable resource and curtail gas injection that may lead to reservoir damage.

This Project is of national importance and is the cornerstone of Angola’s plans to develop its natural gas resources. Angola LNG is a joint venture project involving the major oil producers in the country.

Project construction began in November 2008, with Bechtel, alongside ConocoPhilips, overseeing the project. Plant Construction is on schedule and due for completion in late 2011. The first gas will be produced and the project commissioned on 2011. The first gas cargo is scheduled to be transported in the first quarter of 2012.