LNG / CNG
CNOOC and BG Group Sign LNG Supply Agreement
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On October 31, CNOOC announced that the Company has signed a Heads of Agreement (HOA) with BG Group for the purchase of certain interests in the Queensland Curtis LNG (QCLNG) project in Australia for $1.93 billion and the purchase of liquefied natural gas (LNG) from BG Group's global LNG portfolio. Fully-termed transaction agreements are expected to be executed in the first half of 2013, and upon closing, CNOOC will reimburse BG Group for its share of QCLNG project capital expenditures incurred from 1 January 2012.
Under the LNG sale agreement, BG Group will supply CNOOC with 5 million tonnes per annum (mtpa) of LNG for 20 years beginning in 2015, sourced from BG Group's global LNG portfolio. Combined with the 3.6 mtpa LNG sale agreement signed with CNOOC in March 2010, BG Group's total…
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