2012-11-30 06:02:31 - CNOOC to Acquire Interest in Queensland Curtis LNG Project from BG Group for US$1.93 Billion - BG Divests 40% Stake in QCLNG as Part of its Funding Program - Deal Analysis - a new market research report on companiesandmarkets.com
CNOOC to Acquire Interest in Queensland Curtis LNG Project from BG Group for US$1.93 Billion - BG Divests 40% Stake in QCLNG as Part of its Funding Program â Deal Analysis - China National Offshore Oil Corporation (CNOOC) agreed to acquire certain interests in the Queensland Curtis LNG (QCLNG) project in Australia from BG Group plc (BG) for a purchase consideration of US$1.93 billion. Under the terms of the agreement, CNOOC will acquire a 40% equity interest in QCLNG Train 1 liquefaction facility, a 20% equity interest in the reserves and resources of certain tenements in the Walloons Fairway region of the Surat Basin, Queensland, and a 25% working interest in certain upstream tenements in the Bowen Basin, Queensland. In
addition, BG and CNOOC will jointly invest in the construction of two LNG ships in China and CNOOC will have the option to participate as a 25% partner in the first of any potential expansion trains at QCLNG. CNOOC also agreed to reimburse to BG for its share of QCLNG project capital expenditures incurred from January 1, 2012. CNOOC and BG expect to sign definitive agreements in the first half of 2013. The transaction is subject to the applicable government and regulatory approvals.
- Rationale behind CNOOC acquiring interest in Queensland Curtis LNG project from BG Group for US$1.93 billion.
- Rationale behind BG divesting part of its stake in QCLNG as part of its funding program focusing on more profitable E&P assets.
- Geography Covered- Australia
Reasons to buy
- To know about CNOOC acquiring interest in Queensland Curtis LNG project from BG Group for US$1.93 billion.
- Develop a sound understanding of BG divesting part of its stake in QCLNG to reduce BG´s debt burden.
- To understand about how CNOOC continues to expand its asset base in Australia inorganically.
Click for report details: www.companiesandmarkets.com/Market/Energy-and-Utilities/Market-R ..
Browse all Energy and Utilities Market Research Reports www.companiesandmarkets.com/Market/Energy-and-Utilities/Market-R ..
Browse all Energy and Utilities Company Profile Reports www.companiesandmarkets.com/Market/Energy-and-Utilities/Company- ..
Browse all Latest Market Research Reports www.companiesandmarkets.com/Market/All/Market-Research?aCode=f3f ..
Companiesandmarkets.com is a leading online business information aggregator with over 300,000 market reports and company profiles available to our clients. Our extensive range of reports are sourced from the leading publishers of business information and provide clients with the widest range of information available. In terms of company profiles, Companiesandmarkets.comâs online database allows clients access to market and corporate information to over 100,000 different companies. We provide clients with a fully indexed database of information where clients can find specific market reports on their niche industry sectors of interest.