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BG & NLNG Sign MOU for Liquefied Natural Gas Supply

Source: www.gulfoilandgas.com 5/13/2003, Location: Africa

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BG LNG Services, LLC (BGLS), a subsidiary of BG Group plc, announced that it has signed a Memorandum of Understanding (MoU) with Nigeria LNG Limited (NLNG) for long-term Liquefied Natural Gas (LNG) supply into the Lake Charles import terminal in Louisiana, USA.

The MoU envisages that BGLS will acquire 2.5 million tonnes per annum of LNG for 20 years, beginning in 2005 or early 2006, from the NLNG Plus project (Trains 4 and 5) in Finima, Bonny Island, Nigeria. In addition, the MoU allows for BGLS to take, from the end of 2003, excess volumes from Trains 1, 2 and 3 which are not taken by existing long-term buyers. NLNG will be responsible for shipping the LNG to the Lake Charles terminal where BG has 80 per cent of capacity rights until September 2005 and 100 per cent thereafter until 2024.

Frank Chapman, Chief Executive, BG Group plc, said: “We are delighted to be making another announcement about BG Group's developing LNG portfolio. This agreement with Nigeria LNG secures delivery of Trains Four and Five straight into Lake Charles and provides the opportunity to take additional cargoes from Trains One to Three into the USA market. This agreement and the Marathon announcement made represent further major steps in building up our portfolio of long-term competitively priced LNG.”

BGLS and NLNG expect to conclude a definitive Sale and Purchase Agreement and obtain all relevant authorisations by the third quarter of 2003. The shareholders in NLNG are Nigerian National Petroleum Corporation (49 per cent), Shell Gas B.V., (25.6 per cent) TotalFinaElf LNG Nigeria Limited (15 per cent) and Agip International (10.4 per cent).

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