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$60bn gas deal inked between BG and Cnooc

$60bn gas deal inked between BG and Cnooc

Canberra: The Federal Government has announced a $60 billion deal to export liquefied natural gas (LNG) from Queensland to China, the largest energy deal ever signed in Australia.
Resources and Energy Minister Martin Ferguson was in Beijing today to witness the deal between BG Group and the China National Offshore Oil Corporation.
BG Group will supply 72 million tonnes of LNG over 20 years from its coal seam gas plant at Curtis Island in central Queensland.
The deal is subject to foreign investment and other approval processes.
On Monday, Royal Dutch Shell PLC and PetroChina agreed to buy most of the Australian assets of coal seam gas producer Arrow Energy Ltd in a US$3.15 billion deal, subject to regulatory and shareholder approval.
In volume terms, today's deal is the biggest single LNG contract in Australia's history--dwarfing a similar deal announced by ExxonMobil Corp last year to supply 2.25 million metric tons of LNG a year to PetroChina Co from the Gorgon gas field offshore Western Australia state. [24/03/10]


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