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.

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