Gulf Oil and Gas accountACCOUNT

Senex & GLNG Agree Amendments to Western Surat Gas Project Gas Sales Arrangements

Source: www.gulfoilandgas.com 9/11/2018, Location: Not categorized

Senex Energy Limited and GLNG have agreed separate gas sales arrangements to progress an initial development area of the Western Surat Gas Project (Roma North), paving the way for a Final Investment Decision of an initial 16 terajoule per day gas development, with expansion potential.

In September 2015, Senex and GLNG agreed terms for the sale of up to 50 terajoules per day (TJ/day) of sales gas from the Western Surat Gas Project, subject to Senex taking a Final Investment Decision (FID) by September 2020 (the 2015 Agreements). Under the 2015 Agreements, upon Senex reaching FID, all gas from the Western Surat Gas Project would become exclusive to GLNG for the term of the gas sales agreement (approximately 20 years).

Senex and GLNG have now moved to separate these arrangements into two separate agreements (the 2018 Agreements): the first for what will now be referred to as Roma North, comprising the Glenora, Eos, Mimas and Tethys blocks (refer Figure 1), and the second for the remainder of the Western Surat Gas Project.

Accordingly, upon Senex reaching FID for a gas development relating to Roma North, only gas from Roma North becomes exclusive to GLNG for the term of the gas sales agreement (approximately 20 years), with terms (including price) consistent with those originally agreed.

Gas sales to GLNG from the remainder of the Western Surat Gas Project remain subject to a future FID, with the expiry date for making such decision extended by two years to September 2022, with GLNG having the last right of refusal to any further volumes marketed.

Commenting on the 2018 Agreements, Senex Managing Director Ian Davies said:
“We are pleased to have negotiated gas sales arrangements with GLNG which provide flexibility and optionality for the development of Roma North and the remaining Western Surat Gas Project acreage.

“With our immediate focus on an initial 16 terajoule per day gas development from the Glenora and Eos blocks within Roma North, separate gas sales arrangements will allow Senex to produce these new volumes as early as possible, while retaining our ability to develop the remaining Western Surat Gas Project acreage in the future and at an appropriate commercial return.

“These arrangements with GLNG will help to maximise ultimate gas recovery from the Western Surat Gas Project and support our goal of sustainable shareholder value creation.

“We look forward to reaching FID in respect of Roma North in the near term and delivering material gas volumes to GLNG”, Mr Davies said.

Natural Gas News in Australia >>

Qatar >>  12/10/2018 - Australia overtook Qatar as the world’s largest exporter of liquefied natural gas (LNG) for the first time in November, data from Refinitiv Eikon show...
Russia >>  11/30/2018 - A working meeting between Alexey Miller, Chairman of the Gazprom Management Committee, and Norbert Konkoly, Ambassador Extraordinary and Plenipotentia...

United Kingdom >>  11/29/2018 - PETRONAS through its subsidiary, PETRONAS LNG Ltd (PLL) and Vitol Asia Pte Ltd (Vitol) signed binding Heads of Agreement (HOA) for long-term liquefied...
Russia >>  11/28/2018 - A Gazprom delegation headed by Alexey Miller, Chairman of the Company’s Management Committee, paid a working visit to Turkmenistan today. ...

United Kingdom >>  11/23/2018 - The report 'H21 North of England' published, sets out how 3.7 million homes and 40,000 businesses in the north of England, currently heated by natural...
Russia >>  11/21/2018 - The Gazprom Board of Directors took note of the information about the impacts of the events of 2018 on the long-term outlook for the global energy mar...

Related Categories: Coal  Electricity  General  Natural Gas  Oil 

Related Articles: Coal  Electricity  General  Natural Gas  Oil 


Australia Oil & Gas 1 >>  2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 | 11 | 12 | 13 | 14 | 15 | 16 | 17 | 18 | 19 |

More News

Related Links

Gulf Oil and Gas
Copyright © Universal Solutions All rights reserved. - Terms of Service - Privacy Policy.