LISBON: Angola's much-delayed liquefied natural gas (LNG) project has started exports, with the first cargo shipped to Brazil on Sunday, the Angola LNG venture said in a statement.
The $10-billion plant was initially due to start exports 18 months ago, but has been beset by delays caused by technical problems, including a fire in April.
"The first cargo was sold to Angola's state oil and gas company Sonangol and is currently being shipped to Brazil by the Sonangol Sambizanga, one of seven LNG vessels that are under long-term charter to the project," Angola LNG said.
"This marks the first new LNG supply to come on-stream since 2010, and provides a new source to meet the increasing global demand for LNG," it said.
Angola LNG was initially due to export mainly to US buyers, but has been forced to turn to other markets in the wake of a rapid increase in US shale gas production spurred by new drilling and extraction technologies.
Still, the venture said it has a large number of sale and purchase agreements in place with energy companies around the world, with further deals currently being negotiated.
US oil company Chevron operates the project with a 36.4 percent shareholding, while Sonangol has a 22.8 percent stake. Total, BP and ENI hold 13.6 percent each.
The venture said it expected LNG market to remain "tight" in coming years, with limited capacity coming on stream.
It added that the 5.2 million tonnes per annum project, which is the largest investment ever in Angola's oil and gas industry, will play a key part in the financial prosperity of Africa's No.2 crude producer.
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