Equatorial Guinea

Posted by Zotta Rendevouz

Equatorial Guinea to build a second LNG plant cost $ 4 billion to double the production of LNG, director of the state gas company said.

"Certainly, there will be a second edition," said Juan Antonio Ndong Ondo President of the Sociedad Nacional de Gas, or Sonagas in an interview on 27 June. "We had some new discoveries, so that you can move. In principle, we can double our current production."

The West African nation's second LNG plant, or train, occurred from 1800 to 4600 million cubic feet per day, Ndong said in the capital Malabo. Depend on the ability of the reserves discovered early next year, when SONAGAS and partner of Noble Energy Inc (NBL) and Ophir Energy Plc investment decision.

Equatorial Guinea, nestled in the Gulf of Guinea currently produces 3.4 billion cubic feet of LNG per day. The second plant can start producing in 2016, said Ndong. The nation has about 8.5 trillion cubic feet of natural gas reserves are presented Sonagas.

Oil and gas prices will continue to increase as countries move back toward fossil fuels after the nuclear accident in Japan this year, said Ndong. "We think prices will be very positive for us in the future," he said.

Nigeria and Cameroon are considering ways to transfer gas to its smaller neighbor, even allowing it to increase production, the general manager, said.

"There are initiatives to assist in the collection of gas burned," he said. "We will not trust them, so we'll see what our own reserves are in the first place."