Angola is the second-largest oil producer in sub-Saharan Africa following Nigeria and is one of the world’s deep water oil exploration “hot spots. More than 50 significant oil discoveries in Blocks 14, 15, 17 and 18 are believed to contain at least 10 billion barrels of oil. With the increase in oil production will 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. A solution for the handling of this gas is finally moving forward with the Angola Liquefied Natural Gas (Angola LNG) Project.

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.

Angola LNG have been working closely with Sonangol, the government of Angola and the authorities of Zaire Province to ensure that the interests of local communities are taken into account at every stage of construction.

The Angola LNG Project keeps on moving forward with the continuous support of the Government, the Community and the Project Shareholders. This mega project will boost the national economy while effectively reducing gas flaring and marking the commencement of a gas industry in Angola.

During the FID signing ceremony, Mr. Desidério da Costa, Minister of Petroleum for the Government of Angola concluded: “Angola LNG will be the largest single investment ever made in Angola. The Angolan government is pleased to lend its support to this project, which will create significant new employment and economic benefits for the country.”;