BG Group Sanctions Queensland Curtis LNG Project

Source: www.gulfoilandgas.com 10/31/2010, Location: Not categorized

BG Group announced that it has taken the Final Investment Decision approving implementation of the first phase of the Queensland Curtis Liquefied Natural Gas project (“QCLNG”) following receipt of Australian Federal and State Government environmental approvals. The first phase of QCLNG encompasses the development of a two-train liquefaction plant on Curtis Island near Gladstone in Queensland together with the associated upstream and pipeline facilities. BG Group will progress development and construction of QCLNG with immediate effect.

QCLNG will be operated by BG Group’s Australian subsidiary, QGC Pty Limited (“QGC”). The first phase of the liquefaction plant will consist of two LNG trains with a combined capacity of 8.5 million tonnes per annum (mtpa). Over the next four years (2011-2014), BG Group plans to invest approximately US$15 billion in developing the liquefaction plant and related wells, field facilities and pipelines. There is also significant potential to expand QCLNG, with the construction of a third LNG train already covered by existing State and Federal approvals.

First LNG exports are planned to commence from 2014, underpinned by agreements in Chile, China, Japan and Singapore for the purchase of up to 9.5 mtpa of LNG. Total gross discovered coal seam gas reserves and resources presently amount to an estimated 17.3 trillion cubic feet (tcf) – equivalent to more than 2.9 billion barrels of oil equivalent – with 2P (proved plus probable) reserves now estimated at 7 tcf.

BG Group Chief Executive Frank Chapman said: “In early 2008, we announced our first investment in Australia. Today, less than three years later, we are announcing our decision to develop the world’s first LNG plant to be supplied by coal seam gas and the foundation project at the centre of a major new Australian export industry.”

“I believe the speed of our transition from country entry through major resource maturation to project sanction reinforces BG Group’s reputation for advancing innovative and complex gas chain projects within challenging timeframes, as previously demonstrated in Trinidad and Tobago and in Egypt. This rapid progress is also testament to our strategic global marketing capabilities: QCLNG is anchored in customer agreements across the world’s largest LNG markets for the sale of up to 9.5 million tonnes of LNG per annum.”


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