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BG secures major China LNG agreement
Published 24.03.2010 13:15:06 by John Bradbury
Britain's BG Group has signed up to a 20-year LNG supply deal with China's National Offshore Oil Corporation - CNOOC - which marks two world firsts. BG said today that the Chinese deal will be the world's for supplying LNG from coal seam gas, and it also marks the first deal to supply coal seam gas into China.
“These agreements are a landmark development in the relationship between our two companies, building on what is already a close and productive partnership in deep water exploration, offshore China,” declared BG chief executive Frank Chapman.
BG is to supply China's CNOOC with 3.6 million tonnes per annum (MTPA) of LNG over a 20-year term, from the Queensland Curtis LNG plant on Curtis Island near Gladstone, in Queensland, northern Australia, which is being developed by a BG subsidiary in Australia, QGC.
BG is due to sanction the project this year, and subject to Australian government approval is due to come online in 2014.
Gas supplies for the Curtis Island plant will come from coal seam gas in the Surat Basin in western Australia, which covers 27,000 square kilometres across Queensland and New South Wales.
Further gas could be supplied by BG from its other LNG plants worldwide.
As part of the deal CNOOC will acquire 5% in certain BG assets in the Surat Basin in Queensland, for US $270 million. CNOOC will become a 10% investor in the first train at the Queensland Curtis LNG plant, and will join BG in a consortium to build two LNG ships serving the project.
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