London, December 13, 2007—Shearman & Sterling is advising Sonagás (a subsidiary of Sonangol) as the operator of a consortium of international oil and gas developers proposing to conduct exploration and appraisal activities for natural gas off the coast of North Angola.

The consortium, which also comprises ENI, Repsol YPF, Gas Natural, GALP Energia and EXEM, signed a participation agreement in Lisbon on 3 December 2007. Pursuant to this agreement, the consortium proposes to carry out initial exploration and appraisal activities for natural gas in certain specified areas offshore Angola and thereafter, subject to the evaluation of any discoveries, develop an LNG train and other natural gas-reliant industrial projects in Angola.

Sonagás was established as a subsidiary of Sonangol in late 2004 to explore, evaluate, develop and commercialise potential natural gas reserves in Angola. This project is the follow-up to the initial Angola LNG Project but represents the first opportunity for Sonagás to perform the role of operator.

“We are delighted to be working with Sonagas and its partners on this prestigious venture,” said Nick Buckworth, head of Shearman & Sterling’s Project Financing and Development team. “The complexity of the project and its demands for high-end experience in the upstream, midstream and downstream sectors really plays to the strengths of our PDF Group.”

The Shearman & Sterling team was led by partner Nick Buckworth (LO-PDF) and included associates Iain Elder (LO-PDF) and Lorenzo Pacitti (LO-PDF).

For additional information contact:
Hayley Martin | London | +44 20 7655 5986 |