ConocoPhillips sanctions Australia Pacific LNG project

ConocoPhillips sanctions Australia Pacific LNG project

2:54 PM, 29th July 2011
ConocoPhillips sanctions Australia Pacific LNG project
Jim Mulva, Chairman and CEO, ConocoPhillips.


HOUSTON, US: ConocoPhillips approved the final investment decision for the initial train of a two train liquefied natural gas (LNG) 9 million tonne per annum project by Australia Pacific LNG in Queensland, Australia.

Project sanction includes development of the necessary resources from Australia Pacific LNG’s 24 trillion cubic feet of coal seam gas (CSG) resources in the Surat and Bowen Basins to supply the first train requirements, installation of a transmission pipeline from the onshore gas fields to the LNG facility on Curtis Island and infrastructure commitments to support a second train.

LNG exports from the first train are scheduled to start in 2015 under a binding sales agreement for 4.3 MTPA with China Petroleum & Chemical Corporation.

“Australia Pacific LNG has one of the largest CSG reserve positions in Australia and with the project sanction ConocoPhillips builds on its position as the world’s largest producer of CSG. This world-class project is well placed to help meet the growing demand for LNG in Asia. We expect to sanction the second train in time for early 2016 deliveries,” said Jim Mulva, Chairman and CEO, ConocoPhillips.

Sanction of the project also satisfies the final condition precedent for Sinopec’s subscription for a 15 per cent interest in the Australia Pacific LNG joint venture. The estimated gross capital cost of the two train project is $20 billion and post start-up of the second train, the project has an anticipated peak production net to ConocoPhillips of 115-120 MBOED.

© WOC News




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