GDF Suez to buy gas fields in Bonaparte Gulf

GDF Suez signed a final agreement to buy 60% of the Petrel, Tern, and Frigate natural gas fields in the Bonaparte Gulf from Santos Ltd. for $200 million.

Rick Wilkinson
OGJ Correspondent

MELBOURNE, Feb. 2 -- GDF Suez signed a final agreement to buy 60% of the Petrel, Tern, and Frigate natural gas fields in the Bonaparte Gulf from Santos Ltd. for $200 million.

This heralds the beginning of the proposed Bonaparte LNG project to be run by a GDF Suez subsidiary out of Perth.

The company will begin with a new drilling campaign before yearend to confirm reservoir potential.

Bonaparte LNG project involves floating LNG development of the three fields capable of producing 2 million tonnes/year of LNG. At this stage the contingent resource is estimated at 220 million boe.

First phase of the feasibility and pre-design engineering work will take about 3 years and lead to a final investment decision by 2014.

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