French oil major Total SA (TOT) and its partners
Santos (STO.AU), Petronas (6033.KU) and Kogas announce the sanction of the GLNG
project in
Australia
,
representing a 16 billion dollars investment.
MAIN FACTS:
- The signature of binding LNG off-take contracts with
Petronas and in December 2010 with Kogas, secures an annual off-take of 7
million tons of LNG.
- The GLNG project consists of the development of coal
seam gas fields, the construction of a 420 kilometres gas transmission pipeline
and of a liquefaction plant of 7.2 million tons per year (Mt/y).
- First Liquefied Natural Gas (LNG) will be delivered
in 2015 and plateau production of the LNG plant is expected to be reached in
2016 for more than 20 years.
- The integrated LNG project consists of extracting
coal seam gas from the
Fairview
,
Arcadia
, Roma and
Scotia
fields, located in the Bowen and
Surat
Basin
in
Queensland
, eastern
Australia
.
- The fields' resources are estimated at over 250
billion cubic metres (Gm3) (9 trillion cubic feet) of gas.
- The
Fairview
field already produces 3.1 million cubic metres (Mm3) (110 million cubic feet)
a day for the local market.
- The partners of the GLNG project will develop their
share of these fields to reach a production plateau of 9 Gm3 per year, ie 900
million cubic feet per day (41,000 barrels of oil equivalent per day in Total's
share).
- Last
September, Total acquired a 20% interest, increased to 27.5% in December when
Kogas joined the project. Partners on the project are now
Santos
operator with 30%; Petronas, 27.5%; Total, 27.5%; and Kogas, 15%.