bg group announces $15bn lng project

Does this affect STO??

THE huge potential of Australia's liquid natural gas resources has received a major boost with the BG Group announcing it will commit $15 billion to develop a LNG project in central Queensland.
The Queensland's Curtis LNG Project involves building a liquefied natural gas plant at Gladstone, a 450km underground pipeline network and expanding production in gas fields in the Surat Basin around Chinchilla in southwest Queensland.

The first LNG shipments are scheduled to leave the central Queensland port in 2014.

The project will create an estimated 5,000 jobs during construction and nearly 1000 when the plant is operating.
Catherine Tanna, executive vice president of BG Group and managing director of its Australian subsidiary QGC, says the project will increase economic activity in Queensland by $32 billion over the project's first decade.

"We also expect to pay about $1 billion a year in federal taxes and a further $300 million or so each year in royalties to the Queensland government," Ms Tanna said today.


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Queensland Premier Anna Bligh says BG Group's announcement would mean billions of dollars for the state's economy.

The investment will go towards expanding existing coal seam gas production in the Surat Basin in southern Queensland and the construction of a 540km underground pipeline network linking the coal seam gas fields to a new two-train LNG plant on Curtis Island.

Ms Bligh said it was the first of several planned projects to get final approval.