Energy

Woodside, China may sign LNG supply deal by end-2010

(Agencies)
Updated: 2010-10-18 17:49
Comments( China Daily Website - Connecting China Connecting the World

Sorry, the page you requested was not found.

Please check the URL for proper spelling and capitalization. If you're having trouble locating a destination on Chinadaily.com.cn, try visiting the Chinadaily home page

Copyright 1995 - . All rights reserved. The content (including but not limited to text, photo, multimedia information, etc) published in this site belongs to China Daily Information Co (CDIC). Without written authorization from CDIC, such content shall not be republished or used in any form. Note: Browsers with 1024*768 or higher resolution are suggested for this site.
License for publishing multimedia online 0108263

Registration Number: 130349
FOLLOW US
) PrintMail
Large Medium Small

Australia's second-largest oil producer Woodside Petroleum Ltd may strike an initial agreement to supply liquefied natural gas (LNG) to China by the end of 2010, Bloomberg reported on Monday, citing the head of Woodside's China unit.

The company is in detailed discussion with Chinese State-owned companies about LNG supply, and is expected to reach key terms in the next few months or even by the end of the year, George J. Gilboy, general manager for the Greater China Region, was quoted as saying.

Woodside has supplied 3 million metric tons of LNG annually to China National Offshore Oil Corp's terminal in Guangdong province since 2006, according to Bloomberg.

Related readings:
Woodside, China may sign LNG supply deal by end-2010 China expands natural gas network
Woodside, China may sign LNG supply deal by end-2010 Woodside Petroleum still in LNG talks with PetroChina
Woodside, China may sign LNG supply deal by end-2010 Little impact seen from expired LNG deal
Woodside, China may sign LNG supply deal by end-2010 $40b Australia LNG deal lapses

Talks with PetroChina Co on LNG supply are continuing even after an agreement lapsed, Gilboy told Bloomberg. Woodside's preliminary agreement to supply as much as 3 million tons of LNG a year from its Browse project to the Chinese company, valued at about A$45 billion ($44 billion), expired last year.

The Browse fields, off Western Australia, are estimated to contain 13 trillion cubic feet of sales gas and 355 million barrels of condensate, a type of light oil, Macquarie Group Ltd said in a client note on Feb 25.

China will need about as much as 50 million tons a year of LNG by 2020, which means they will have to buy 15 million to 20 million tons above current contracted supplies, Gilboy said.

Woodside is developing several projects to meet the demand and Browse is exactly the project to meet it, according to Gilboy.

Comments( China Daily Website - Connecting China Connecting the World

Sorry, the page you requested was not found.

Please check the URL for proper spelling and capitalization. If you're having trouble locating a destination on Chinadaily.com.cn, try visiting the Chinadaily home page

Copyright 1995 - . All rights reserved. The content (including but not limited to text, photo, multimedia information, etc) published in this site belongs to China Daily Information Co (CDIC). Without written authorization from CDIC, such content shall not be republished or used in any form. Note: Browsers with 1024*768 or higher resolution are suggested for this site.
License for publishing multimedia online 0108263

Registration Number: 130349
FOLLOW US
) PrintMail