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
EIA: US natural gas trade will continue to grow with the start-up of new LNG export projects
The U.S. Energy Information Administration’s recently released Short-Term Energy Outlook forecasts that US LNG exports will continue to lead growth in US natural gas trade as three LNG export projects currently under construction start operations and ramp up to full production by the end of 2025.