BG, CNOOC sign another CSG-LNG contract

BG Group has signed another binding contract with China National Offshore Oil Corp. (CNOOC) for the sale of upstream assets in Queensland for $1.93 billion (Aus.).

CNOOC will acquire 20% interest in coal seam gas (CSG) reserves and resources from permits in the Walloons trend in the Bowen basin as well as an additional 40% equity in Train 1 at the Queensland Curtin Island CSG-LNG plant.

CNOOC also has secured a further 5 million tonne/year supply of LNG production and has taken out an option to participate up to 25% in one of the potential expansion LNG trains at the project.

In return, CNOOC will reimburse BG Group for its share of the project expenditure since January 2012.

CNOOC is a foundation partner in the project. BG Group has now committed 8.6 million tpy of LNG to China, making it the largest LNG supplier in the world market.

First LNG from Train 1 at the Curtin Island plant is slated for 2014.

Related Articles

China’s demand growth may make it globally dominant, speakers suggest

09/18/2014 China potentially could dictate terms as the fastest growing market in a world suddenly awash in potential oil and gas resources, speakers suggeste...

Spectra, NU announce New England gas pipeline expansion

09/17/2014 Spectra Energy Corp., Spectra Energy Partners, and Northeast Utilities (NU) plan to build the 1-bcfd Access Northeast natural gas pipeline expansio...

Senators offer bill to reform energy project cross-border permitting

09/16/2014 Four US senators—2 Democrats and 2 Republicans—introduced legislation to prevent extended delays of energy projects requiring a cross-border permit...

API official calls for end to nearly 6-year Keystone XL permit delay

09/16/2014 Three days before the sixth anniversary of TransCanada Corp.’s original filing for presidential approval of the proposed Keystone XL crude oil pipe...

Careers at TOTAL

Careers at TOTAL - Videos

More than 600 job openings are now online, watch videos and learn more!

 

Click Here to Watch

Other Oil & Gas Industry Jobs

Search More Job Listings >>
Stay Connected