Further details emerge regarding proposed Australian LNG venture
A decision is expected in May from ConocoPhillips and Origin Energy Ltd. on whether or not to proceed with a proposed US$ 18 billion liquefied natural gas venture in Queensland.
The project is gaining momentum, however, with the announcement that Sinopec, China’s second biggest oil firm, is set to acquire a prospective 15% stake. Under the preliminary agreement, Sinopec will buy up to 4.3 million t of LNG a year over two decades. Although no figures have been disclosed, estimates suggest the deal could be worth approximately US$ 71 billion.
The proposed agreement would constitute one of four coal seam gas to LNG ventures in Queensland as companies scramble to meet Asian demand. BG Group Plc. has committed to a US$ 15 billion project; Santos has approved a US$ 16 billion development, while Arrow Energy plans the fourth venture on the Queensland coast.
Read the article online at: https://www.lngindustry.com/liquid-natural-gas/02032011/further_details_emerge_regarding_proposed_australian_lng_venture/
You might also like
FSRU Hoegh Galleon to support energy security in Egypt
Höegh LNG has signed an agreement with Australian Industrial Energy Pty Ltd and Egyptian Natural Gas Holding Company to deploy the FSRU Hoegh Galleon to Egypt.