Cnooc goes shopping 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...