| CATEGORY: NEWS AND ANNOUNCEMENTS SECTOR: OIL & GAS PRODUCERS |
BG signs Queensland LNG deal with China National |
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Wed 13 May 2009
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LONDON (SHARECAST) - Oil and gas group BG has strengthened its ties with China National Offshore Oil Corporation and agreed a joint liquefied natural gas (LNG) project development Agreement focused on BG Group's Queensland Curtis LNG Project in Australia.
Under the deal, CNOOC will purchase 3.6m tonnes per annum of LNG for a period of 20 years from the start-up of QCLNG, which is being developed by BG subsidiary QGC.
CNOOC will purchase 5% of BG Group's interest in the reserves and resources of certain tenements in the Walloons Fairway of the Surat Basin in Queensland.
The Chinese firm will also become a 10% equity investor in one of the two liquefaction trains, which will form the first phase of the QCLNG development at Gladstone in Queensland.
BG Group and CNOOC will jointly participate in a consortium formed to construct two LNG ships in China that would be owned by the consortium.
Last year, BG and CNOOC agreed a strategic cooperation agreement.
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