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CNOOC, BG group sign agreement for Australian LNG project

(Xinhua)
Updated: 2009-05-13 13:19

China National Offshore Oil Corp (CNOOC) said Wednesday it had signed an agreement with United Kingdom-based BG Group involving a liquefied natural gas (LNG) development project in Queensland, Australia.

Under the agreement, CNOOC would buy 3.6 million tons per annum (mtpa) of LNG for 20 years from the start-up of the Queensland Curtis LNG Project in Australia, which is being developed by the BG Group.

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The project would come on line in 2014 with two liquefaction trains providing 7.4 mtpa capacity.

CNOOC would also take a 5-percent stake in the reserves and resources of some BG group holdings and a 10-percent share in the equity in one of the two liquefaction trains.

BG Group and CNOOC would jointly participate in a consortium formed to build two LNG tankers in China that would be owned by the consortium...

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