Communiqué of the MMIE regarding the Train 2 Integrated Project

abarrelfullabarrelfull wrote on 25 Jan 2012 09:22
Tags: equatorial-guinea lng

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The Ministry of Mines, Industry and Energy is pleased to announce the principles have been agreed upon covering the key areas of the value chain related to the Train 2 Integrated Project in Equatorial Guinea.

This follows the execution, by the Ministry of Mines, Industry and Energy, of the Memorandum of Understanding signed on April 20, 2011, covering the development of the LNG Train 2 Integrated Project and its commercial structure.

These principles agreements were signed by the Ministry of Mines, Industry and Energy, along with SONAGAS GE (the national gas company of Equatorial Guinea), the partners of Blocks O & I (Noble Energy, GEPetrol GE (the national oil company of Equatorial Guinea), Glencore, Atlas Petroleum and Osborne Resources Ltd.), the partners of Block R (Ophir Energy and GEPetrol GE); 3G Holding Ltd (with Union Fenosa Gas, GALP Energia, SONAGAS GE and the MMIE as its shareholders) and EGLNG Holdings Ltd. (with Marathon EG LNG Holding Limited, SONAGAS GE, Mitsui & Co. LNG Investment Ltd. and Marubeni Gas Development UK Ltd. as its shareholders).

Following the execution of these agreements in Lisbon on January 17, 2012, the next phase of the Train 2 Integrated Project is to define the project scope, including plant size and timing of the project, whose objective is to reach the final investment decision at the end of 2012, foreseeing the first production of LNG in 2016.

In welcoming this development project, the Delegate Minister, His Excellency Gabriel M. Obiang Lima said that: “This is a considerable achievement by all the parties and a demonstration of Equatorial Guinea’s determination to continue to develop the gas industry in Equatorial Guinea, and to turn the country into a hub for gas processing in the Gulf of Guinea”.

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