Angola LNG Project is Approved

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Angola LNG Project is Approved
       Project Sponsors Make Final Investment Decision on LNG Project

    LUANDA, Angola, Dec. 10 /PRNewswire-FirstCall/ -- Angola LNG Limited
announced today that it has entered into an Investment Contract with the
Government of Angola and Sonangol, which defines the final provisions
necessary to implement the Angola liquefied natural gas (Angola LNG)
Project. Additionally Angola LNG Limited announced the signing by project
entities of gas supply, gas sales, and re-gasification agreements to
finalize the commercial requirements for the Project. With the completion
of these agreements and the approval of the Government of Angola, the
Project investors have authorized Angola LNG Limited to proceed with the
construction and implementation of the Project.

    The Angola LNG Project will utilize associated natural gas initially
from the Cabinda Association and from Blocks 14, 15, 17 and 18, as well as
from the dedicated non-associated gas fields (Quiluma, Enguia North, Atum
and Polvo fields). The offshore gas will be collected and transported to an
onshore liquefaction plant located near the town of Soyo in the Zaire
Province. The Project will reduce natural gas flaring and greenhouse gas
emissions from offshore oil producing areas, facilitate continued offshore
oil field development, and contribute to the development of a future
natural gas-based industry within Angola.

    The Angola LNG Project is expected to receive approximately 1 billion
cubic feet of associated gas per day from offshore producing blocks and
produce 5.2 million tones per year of LNG, as well as related gas liquids
products. It is also expected to process and treat up to 125 million cubic
feet per day of gas for use in industrial projects. The construction and
operational phases of the Project will provide new jobs and create
opportunities for sustainable business development in Angola, particularly
in Soyo and the Zaire province.

    "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," said Desiderio da Costa, Minister of Petroleum for the Government
of Angola.

    "The project will provide the utilization of natural gas which
otherwise would be flared in our offshore oil producing areas. This creates
the environment for sustainable oil development, and will be the starting
point for establishing a natural gas-based industry in Angola," said Manuel
Vicente, Chairman of Sonangol E.P., representing the national
Concessionaire for the oil sector.

    "The Angola LNG Project has been made possible because of the
commitment demonstrated by the investing companies as well as the
continuous support from the Angolan government and Sonangol. Site
preparation has already commenced, and engineering and procurement
activities are well advanced," said Syanga Abilio, Chairman of the Board of
Angola LNG Limited.

    First LNG from the Project is expected by early 2012 to be delivered
into the U.S. natural gas market via the Clean Energy regasification
terminal near Pascagoula, Mississippi which is under development by Gulf
LNG Energy LLC.

    The investors in the Angola LNG project, and shareholders of Angola LNG
Limited, are Sonangol Gas Natural (36.4%), Chevron (36.4 %), BP (13.6%) and
Total (13.6 %).
SOURCE Angola LNG Limited
http://www.angolalng.com
http://www.chevron.com
CONTACT:
M. Laurentino Silva, Luanda, (+244) 222
392646, ext. 1245, for Angola LNG Limited