BG nod for US$15b LNG deal
Source: Agencies |
November 1, 2010, Monday
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Print Edition
Print Edition
BRITISH energy firm BG Group yesterday said it had given final approval to a US$15 billion project to develop a major new liquefied natural gas project in northeast Australia.
Chief Executive Frank Chapman said the Queensland Curtis Liquefied Natural Gas project would include the world's first LNG plant to be supplied by coal seam gas and was "the foundation project at the center of a major new Australian export industry."
The project will involve a 540-kilometer pipeline to move gas from the Surat Basin in south Queensland, where coal seam gas is being produced and output will be expanded.
A new two-train LNG plant will be built on Curtis Island, near the port of Gladstone, which will become the port of export for the gas.
The government welcomed the decision, saying it would create 5,000 jobs during construction and 1,000 permanent positions, boost Australia's foreign direct investment by 11 percent and exports by around A$4 billion (US$3.9 billion) annually.
"It marks an important and exciting leap ahead in the development of Australia's vast coal seam gas reserves," Treasurer Wayne Swan said in a joint statement with Resources and Energy Minister Martin Ferguson.
BG Group said it "will progress development and construction" immediately.
Chief Executive Frank Chapman said the Queensland Curtis Liquefied Natural Gas project would include the world's first LNG plant to be supplied by coal seam gas and was "the foundation project at the center of a major new Australian export industry."
The project will involve a 540-kilometer pipeline to move gas from the Surat Basin in south Queensland, where coal seam gas is being produced and output will be expanded.
A new two-train LNG plant will be built on Curtis Island, near the port of Gladstone, which will become the port of export for the gas.
The government welcomed the decision, saying it would create 5,000 jobs during construction and 1,000 permanent positions, boost Australia's foreign direct investment by 11 percent and exports by around A$4 billion (US$3.9 billion) annually.
"It marks an important and exciting leap ahead in the development of Australia's vast coal seam gas reserves," Treasurer Wayne Swan said in a joint statement with Resources and Energy Minister Martin Ferguson.
BG Group said it "will progress development and construction" immediately.
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