– Ramped up its working interests in QCLNG Train-1 from 10% to 50%
– Committed to purchase a total of 8.6 million t/y of LNG instead of the previously 3.6 million t/y
– Owns 25% interests in the Walloons Fairway BG Blocks of the CBM Surat Basin and Bowen Basin in Queensland
– Invests jointly with BG in two additional LNG carriers
While CNOOC will not have any interest in QCLNG Train-2, this agreement opens the option for CNOOC to take 25% interest in one of the LNG trains to be added in the Queensland Curtis LNG expansion project
Based on this agreementBG could make the decision to speed up the Queensland Curtis LNG Project Phase-2 with a competitive FEED.
QCLNG Phase-2 Project pre-FEED completed in July
From the Heads of Agreementsigned in October 2012 with CNOOC, BG could anticipate on the opportunity to proceed with the QCLNG expansion project.