Offshore Angola LNG Project: Output Below Par
Angola's US$10-Billion LNG project's output will fall short of design capacity through 2014 after upstream problems, including a rig disaster, forced it to bring forward new supplies from other blocks, reports Reuters, citing a statement by a senior executive at state oil company Sonangol.
Earlier this year, the drilling rig Perro Negro 6 operated by Italian oil services group Saipem capsized as it was laying a pipeline linking Chevron (CVX)'s Block 0 and 14 with the liquefaction plant.
The project is operated by U.S. oil major Chevron with a 36.4 percent shareholding, while Sonangol has a 22.8 percent stake. Other stakeholders include Total, BP (BP) and ENI.
The plant's peak production capacity can be achieved only if it receives 1 billion cubic feet of gas daily from the five offshore blocks mandated to supply the facility says the Reuters report.