By OGJ editors
HOUSTON, Sept. 9 -- Total has agreed to acquire a 20% interest in a Santos Ltd. LNG project based on coal seam gas produced in Queensland, Australia.
After the $750 million acquisition, which is subject to approval of the Australian Foreign Investment Review Board, interests will be Santos, operator, 45%; Petronas, 35%; and Total, 20%.
Interests now are Santos, 60%, and Petronas, 40%.
The interests include the full LNG chain, including production from Fairview and Roma gas fields and a dedicated, two-train LNG plant at Gladstone with total capacity of 7.2 million tonnes/year (OGJ, May 24, 2010, Newsletter).
The French company has committed to take 1.5 million tonnes/year of LNG from the project, subject to negotiations between project sponsors and several Asian buyers.
