BP mulls Angolan LNG for Europe

April 26, 2013 at 7:00 AM   |   0 comments

LONDON, April 26 (UPI) -- Liquefied natural gas from Angola could be shipped to European markets as early as next month, a regional president for BP said.

BP President of Angolan operations Martyn Morris was quoted by The Daily Telegraph newspaper in London as saying LNG shipments are a "huge piece of business for Angola."

BP aims to invest as much as $15 billion in Angola during the next decade. It has a 13.6 percent stake in Angola LNG, a project led by U.S. supermajor Chevron.

"We were hoping (first cargoes would ship by) the middle of May but I think it's more likely to be the end of May or early June," Morris said.

Angola, a member of the Organization of Petroleum Exporting Countries, ranks second behind Nigeria in terms of oil production in Sub-Saharan Africa. Natural gas associated with its oil reserves are flared off currently.

Angola LNG was slated to start next year, but faced a series of delays because of what the government there said were "technical problems."

"We are now targeting selling it to Europe and the Far East," Morris said. "I wouldn't be at all surprised whether some if it comes in to the U.K. at some point."

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