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Hydro partner to Angola LNG Project

April 2, 2002, 01:00 CEST

Norsk Hydro has signed an agreement with the Angolan state oil company Sonangol to participate in the Angola LNG Project.

The Angola LNG Project has been established in order to ensure a sustainable and commercial utilization of the gas resources in Angola. ChevronTexaco and Sonangol have carried out a joint feasibility study of the project. The results from this work will form the basis for a concept optimization phase in order to establish a basis for Front End Engineering and Design.

The Angolan Council of Ministers issued a resolution in August 2001 confirming the Government of Angola's support for the Angola LNG Project.

"Together with both the award of a 30% interest in the ultra deep water Block 34 and production start on Girassol in 2001, the Angola LNG Project represents an important step in the development of Hydro's oil and gas portfolio in Angola" says president of Hydro's Angola activities Jan Helge Skogen.

Participants:

  • Sonangol: 20 percent (Lead Company)
  • ChevronTexaco: 32 percent (Lead Company)
  • Norsk Hydro Angola AS: 12 percent
  • BP Exploration (Angola) Ltd.: 12 percent
  • Esso Angola Gas Company Ltd.: 12 percent
  • TotalFinaElf Angola LNG: 12 percent