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Strategies & Market Trends : China Warehouse- More Than Crockery
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To: RealMuLan who wrote (3922)12/21/2004 5:56:08 PM
From: RealMuLan  Read Replies (1) of 6370
 
CNOOC completes North West Shelf Gas acquisition

CNOOC Limited, China's third largest oil company, has completed its acquisition of an equity interest in the Australia North West Shelf Gas Project (NWSGP), the company announced in a press release over the weekend.

Under the terms of the deal, CNOOC has acquired approximately 5.3% of certain production licenses, retention leases and an exploration permit in NWSGP, as well as the right to participate in future exploration undertaken in the

project's reserve bases.

The deal also includes an AUD 25 bln (USD 19.1 bln) landmark contract to export 3.32 mln tons of Australian LNG each year to China's Guangdong LNG terminal from 2006 to 2031 through the Guangdong Dapeng LNG Co., Ltd, a company funded mainly by CNOOC and BP. This remains Australia's largest single export contract.

"The transaction is a significant step in realizing CNOOC's strategy of supplying natural gas to the rapidly growing market in China," Fu Chengyu, Chairman and CEO of CNOOC Limited said upon the finalization of the deal.

As Interfax previously reported, the deal between the Chinese and Australian sides began negotiations in 2002, but has taken more than two years to finalize.

interfax.com
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