MIT study concludes lifecycle GHG emissions for biofuels should be presented to decision makers and the public as a range
Study finds use of high cetane fuel reduces all primary pollutants under advanced diesel combustion mode

Sinopec signs binding agreement with Origin Energy, ConocoPhillips JV for 20-year LNG supply, 15% equity interest

China Petrochemical Corporation (Sinopec) has signed binding agreements for LNG supply from and a 15% equity interest in Australia Pacific LNG, a joint venture between Origin Energy and ConocoPhillips, on completion for a net consideration of US$1.5 billion.

The Sale and Purchase Agreement, worth an estimated A$90 billion (US$96.6 billion), is for the supply of 4.3 million tonnes per year of LNG for 20 years from Australia Pacific LNG’s world-class coal seam gas resources and proposed LNG facility on Curtis Island, Gladstone in Queensland.

The equity agreement reduces ConocoPhillips’ and Origin Energy’s ownership interest to 42.5% respectively.

These agreements reflect the commercial terms outlined in the Heads of Agreement signed between Australia Pacific LNG and Sinopec on 25 February 2011. The agreements are subject to approvals by the Chinese Government and in Australia, the Foreign Investment Review Board and are conditional on Australia Pacific LNG reaching a final investment decision.

This will help Sinopec diversify its natural gas supply and meet the rapidly increasing demand of customers in China. Sinopec continues looking for more cooperation opportunities in Australia.

—Zhang Yaocang, Vice President of Sinopec Group and Vice Chairman of Sinopec Corporation

The Australia Pacific LNG project consists of:

  1. The further development of Australia Pacific LNG’s gas fields in the Surat and Bowen basins in south western and central Queensland.

  2. A gas pipeline from the gas fields to an LNG facility in Gladstone in Queensland.

  3. An LNG facility on Curtis Island in Gladstone, the first two trains of which will have a processing capacity of up to 9 million tonnes per annum.

Australia Pacific LNG’s first cargo is expected to be exported in 2015.

Comments

SJC

It might be better to turn the natural gas into fuel and ship that. There is a story about shale gas in China and if true, there would be no need for this LNG.

http://www.msnbc.msn.com/id/42681074/ns/business-world_business/

ejj

I wouldn't be surprised if much more shale gas is found around the world in the coming decades, and enhanced oil recovery with CO2 really takes off. One of the problems with shale gas is aquifer pollution via fracking by sloppy drilling operations --- something that might happen a lot in China based on their track record of looking the other way on environmental issues.

The comments to this entry are closed.