Tony Gray, Lloyds List
Published: Sep 07, 2007
CHINA has signed a second major liquefied natural gas deal with Australia in the space of a few days, this time with the Woodside group, writes Tony Gray.
The deal, worth between A$35bn and A$45bn ($28bn-$35.5bn), provides a further fillip to the industry after a lean spell.
Key terms agreement between Woodside and PetroChina cover the potential sale of 2m-3m tonnes a year of LNG from the Browse development off Western Australia, for a period of 15-20 years. Supply is targeted to start during 2013 to 2015.
The LNG will be purchased on an ‘ex ship’ basis, leaving Woodside in control of the shipping, although a spokeswoman said it was premature to discuss vessel size and liquefaction train capacity.
However, the company has plenty of LNG shipping experience through the Woodside-operated North West Shelf venture, whose maritime operation has a fleet of nine vessels and delivered more than 1,700 LNG cargoes since 1989.
It is expected that the Browse LNG will be delivered to PetroChina’s planned Rudong terminal in the eastern province of Jiangsu, north of Shanghai.
The Woodside-PetroChina agreement remains subject to a final investment decision on the Browse project and relevant government approvals.
Woodside, which controls nearly 50% of Browse, said its partners in the development BP, BHP Billiton, Chevron and Shell had not been party to the deal, although it provided the ‘opportunity for commingled sales’.
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An interesting story. I’ve submitted it to our Maritime News Discoverer.