"The National Oil, Gas and Biofuels Agency, Eni and the partners of the New Gas Consortium (Chevron, Sonangol, BP and Total) inform that the Final Investment Decision for the development of the Quiluma and Maboqueiro (Q&M) fields has now been taken by all the members of the consortium", can be read in a statement sent to VerAngola, which adds that this will be the first non-associated gas development project in the country.
According to the note, activities to implement the initiative should start this year, "with a first gas projected for 2026 and an expected production of 330 mmscf" (million standard cubic feet) daily.
In addition, the statement said, the project will include two offshore platforms, a gas processing plant and a connection to the Angola LNG plant for the sale of gas condensate via LNG cargo.
"The approval of the Q&M project is an important milestone to unlock new undeveloped energy sources, sustaining a reliable supply of gas" to the LNG plant, "promoting the country's continuous economic and social development", the note states, adding that the support given by the Ministry of Mineral Resources, Oil and Gas as well as by all the ministries involved and by the national concessionaire was fundamental to "unlock this new phase of the development of Angolan offshore gas".
Thus, the determination of "a legal and fiscal regime applicable to upstream activities and the sale of natural gas in Angola was a fundamental element for the project".
Eni Angola officials, quoted in the note, considered that "NGC partners, with the support of the competent authorities, will continue to pursue the enactment of all contractual and regulatory approvals while working on the award of the main engineering, procurement, construction and installation (EPCI) that will start the construction phase".
In turn, Paulino Jerónimo, president of the ANPG, said that it is a "historic decision" and that the ANPG will do everything to make this sector "take over" in the country as a "sustainable and profitable business": "This is a historic decision, with which the national concessionaire is pleased, because from there the exploration of gas in Angola will certainly assume another relevance and a new dynamic. country as a sustainable and profitable business for investors".
The consortium includes Eni (26.6 percent), Chevron (31 percent), Sonangol (19.8 percent), BP (11.8 percent) and Total (11.8 percent).