New Fortress Agrees to Build Angolan LNG Terminal
US-based New Fortress Energy (NFE) announced June 5 that it has signed a memorandum of understanding (MOU) to develop an LNG terminal in Angola.
Under the MOU, signed with a trio of Angolan ministries, New Fortress would fund, build, and operate an LNG import and regasification terminal that will be used to supply gas for power generation and to industrial facilities across Angola, New-York-based NFE said in a statement. The company offered no details regarding the capacity, timescale or cost of the potential project. Angola is presently an LNG exporter.
NFE added that as part of the agreement, it will also work with the ministry of mineral resources and petroleum to explore the development of additional indigenous natural gas resources and a domestic liquefaction facility.
“The signing of this MOU is the first step in moving Angola to become a gas economy,” Angola’s minister of mineral resources and petroleum, Diamantino Azeved, said.
“This partnership will provide cleaner, affordable natural gas to Angola, creating significant economic and environmental benefits,” said New Fortress CEO Wes Edens. “With Angola’s transition to a gas economy, significantly lower fuel costs will encourage further investment and directly benefit Angolans.”
The Angolan government announced the same day that it has launched a six-year licensing cycle with 10 high-potential blocks in the Namibe and Benguela Basins available.