(MENAFN) The China National Offshore Oil Corporation (CNOOC) chairman, Wang Yilin, announced that the company has signed a deal with UK's BG Group to acquire 5 million tons of liquefied natural gas (LNG) annually for 20 years, starting 2015, reported Xinhua News.
The chairman added that the largest offshore oil producer in China will also pay USD1.93 billion to increase its stake in QCLNG Train 1 to 50 percent from 10 percent.
Furthermore, it will raise its equity ownership in the reserves and resources of certain BG Group tenements in the Walloons Fairway region of the Surat Basin, Queensland, to 25 percent from the current 5 percent, and will also buy a stake of 25 percent in certain other upstream tenements held by BG Group in the Surat and Bowen Basins, Queensland.
It is worth noting that the two companies will collaborate to establish two additional LNG transportation ships in China.
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.