Cnooc goes shopping in Australia

Cnooc will pay $1.93 billion for a supply contract and a stake in one of BG Group’s LNG projects in Australia.

China National Offshore Oil Corporation Cnooc has agreed to pay $1.93 billion for a supply contract as well as an additional stake in one of British energy producer BG Group’s liquefied natural gas projects in Australia.

The deal means Cnooc will raise its stake in a part of BG’s Queensland Curtis LNG project in Australia to 50% from 10%.

It also means BG Group’s total committed LNG sales to China will be 8.6 million tonnes per annum mtpa making the company the biggest supplier of LNG to the world’s fastest-growing energy market.

Under the LNG sale agreement, BG Group will supply Cnooc with...

¬ Haymarket Media Limited. All rights reserved.

FinanceAsia has updated its subscription model.

Registered readers now have the opportunity to read 5 articles from our award-winning website for free.

To obtain unlimited access to our award-winning exclusive news and analysis, we offer subscription packages, including single user, team (2-10 users), or office-wide licences.

To help you and your colleagues access our proprietary content, please contact us at subscriptions@financeasia.com, or +(852) 2122 5222

Article limit is reached.

Hello! You have used up all of your free articles on FinanceAsia.

To obtain unlimited access to our award-winning exclusive news and analysis, we offer subscription packages, including single user, team (2-10 users), or office-wide licences. To help you and your colleagues access our proprietary content, please contact us at subscriptions@financeasia.com, or +(852) 2122 5222