Italian oil major Eni and its partners have made a final investment decision (FID) for the development of the Quiluma and Maboqueiro (Q&M) fields.
Eni said in a statement that the Q&M project was Angola’s first non-associated gas development.
The New Gas Consortium (NGC), apart from Eni, consists of Chevron’s affiliate in Angola Cabinda Gulf Oil Company Limited (CABGOC), Sonangol, BP, and TotalEnergies.
Eni as the operator holds a 25.6 percent stake, Chevron affiliate CABGOC holds 31 percent, Sonangol has 19.8 percent, while BP and TotalEnergies hold 11.8 percent stakes each.
The project includes two offshore wellhead platforms, an onshore gas processing plant, and a connection to the Angola LNG plant for the marketing of condensates and gas via LNG cargoes. Project execution activities will start in 2022 with a first gas planned in 2026 and an expected production of 330 mmscf/day at plateau.
The sanctioning of the Q&M Project is an important milestone toward unlocking new undeveloped sources of energy, sustaining a reliable supply of gas to the Angola LNG plant, and fostering the continued economic and social development of Angola.
The support provided by Angola’s Ministry of Mineral Resources, Petroleum and Gas, as well as all the Ministries and the National Concessionaire (ANPG), has been essential in unlocking this new phase of the Angolan offshore gas development. In this regard, the establishment of a legal and fiscal regime applicable to the upstream activities and sale of natural gas in Angola was a key enabler for the project.
Eni also holds a 13.6 percent interest in Angola LNG, together with Chevron affiliate CABGOC (36.4%), Sonangol (22.8%), BP (13.6%), and TotalEnergies (13.6%). The plant is located in Soyo, Province of Zaire, and has a treatment capacity of approximately 353 bcf a year of feed gas and a liquefaction capacity of 5.2 million tons a year of LNG.
In March 2022, Eni signed an agreement with BP to form a joint venture company called Azule Energy, combining both companies’ businesses in Angola. The operatorship of the Q&M Project will be guaranteed by Azule Energy after the completion date of the transaction.
Eni has been present in Angola since 1980. Currently, the company operates Blocks 15/06, Cabinda Norte, Cabinda Centro, 1/14, 28, and has, in addition, a stake in non-operated Blocks 0 (Cabinda), 3/05, 3/05A, 14, 14 K/A-IMI, 15.
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