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BG Group PLC Completes Transaction with China National Offshore Oil Corporation For Qclng Stake And LNG Supply

Monday, 11 Nov 2013 02:00am EST 

BG Group PLC announced it has completed transactions with China National Offshore Oil Corporation (CNOOC) for the sale of additional interests in the Queensland Curtis LNG (QCLNG) project in Australia for USD1.93 billion. Under a separate agreement, BG Group will also supply CNOOC with an additional 5 million tonnes per annum of liquefied natural gas (LNG). CNOOC has also reimbursed BG Group for QCLNG project expenditure commensurate with its increased interests incurred from January 1, 2012 to September 30, 2013. From October 1, 2013 CNOOC will fund project expenditure commensurate with its new equity holding. Completion of the deal followed approvals from government, regulatory and other relevant authorities, and execution of related documents. The agreements exclude any interest in the Train 2 liquefaction facility, transmission pipeline and QCLNG project common facilities. 

Company Quote

26 Nov 2014