01 November 2012 04:02 [Source: ICIS news]
SINGAPORE (ICIS)--China National Offshore Oil Corp (CNOOC) announced on late Wednesday that it has signed a deal with UK-based BG Group (BG) for new liquefied natural gas (LNG) supply and certain stake in the Queensland Curtis LNG (QCLNG) project for $1.93bn (€1.49bn).
Under the framework agreement, BG will supply 5m tonne/year of LNG to CNOOC for 20 years starting from 2015, sourced from its global LNG portfolio, thus increasing BG’s total contract supply to CNOOC to 8.6m tonnes/year, the Chinese company said in a statement.
In addition, CNOOC will increase its interest in QCLNG train 1 to 50% from the existing 10%, its stake in the reserves and resources of certain BG tenements in the Walloons Fairway region of the Surat Basin, Queensland, to 25% from the present 5%.
CNOOC will also acquire a 25% working interest in certain upstream tenements held by BG Group in the Bowen Basin, Queensland.
The two companies will jointly invest in the construction of two LNG ships in ?xml:namespace>
The two are expected to sign final agreements and complete the transactions in 2013.
($1 = €0.77)
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