bg group in gladstone lng supply deal with chi

did anyone see this article?
it must be good for CSG and hence WCL and others.

this is serious money, and obviously shows how far along the road to CSG LNG we have come.

One thing is interesting - BG have on-sold part of their CSG tenements, and sold a 10% stake in the LNG development to China.

I think that makes the CSG permits even more valuable, because now they are a real fungible? commodity and a important part of the offtake agreements.

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Article by DJ this morning:
BG Group has become the first player building a large-scale liquefied natural gas project to be fed by coal seam gas to sign a customer, announcing today that it has struck an offtake deal with China National Offshore Oil Corporation, or CNOOC.

BG said it has signed an LNG project development agreement with CNOOC whereby the Chinese company will purchase 3.6 million tonnes a year of LNG for 20 years from its proposed LNG processing plant at Gladstone in Queensland.

CNOOC will purchase 5 per cent of BG's interests in the CSG reserves and resources of certain tenements in the Walloons Fairway in Queensland's Surat Basin. It will also become a 10 per cent equity investor in one of the two LNG processing trains at the plant.

In addition, the two companies will participate in a consortium that will build two LNG ships.

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