MADRID (Dow Jones)--Spain's Gas Natural SDG SA (GAS.MC) has formed a consortium with five other groups to develop a gas project in Angola.
In a press release, the company said it had teamed up with Spanish-Argentine oil company Repsol YPF (REP), Italy's ENI SpA (E) and Portugal's Galp Energia SPGS S/A (GALP.LB), Exem Exploration & Production BV and the Angolan state company Sonangol Gas Natural.
The company said the consortium would evaluate the current gas reserves and begin exporting natural gas, if possible.
Gas Natural didn't provide financial details of the agreement or investments, but said the exploration would begin in the first quarter of 2008.
Gas Natural and Repsol have a joint stake of 20% in the consortium, while ENI has 20%, Galp and Exem Exploration & Production, BV both hold 10% and Sonangol Gas Natural has 40%.