China approves CNOOC’s LNG development project in Australia

02 August 2011 08:52  [Source: ICIS news]

GUANGZHOU (ICIS)--China’s National Development and Reform Commission (NDRC) has approved China National Offshore Oil Corp’s (CNOOC) venture in a liquefied natural gas (LNG) development project based in Queensland, Australia, NDRC said on Tuesday.

The permission was granted in May this year, NDRC said in a statement on its website.

On 24 March 2011, CNOOC signed an LNG sales contract with UK’s BG Group, which is developing the Queensland Curtis LNG (QCLNG) facility in Australia.

Under the agreement, CNOOC will acquire a 5% equity interest in the reserves and resources of certain BG Group tenements in the Walloons Fairway of the Surat Basin in Queensland.

CNOOC will also become a 10% equity investor in QCLNG Train 1, one of two liquefaction trains that form the first phase of the QCLNG development, according to a CNOOC statement on its website.

The two trains each have a capacity of 4.23m tonnes/year, the NDRC statement said.

Read John Richardson and Malini Hariharan’s blog – Asian Chemical Connections

By: Fanny Zhang
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