Earth Science News  





. CNOOC Clinches Gas Supply Deal With BP

BP oil refinery, Texas.
by Staff Writers
Beijing (AFP) Sep 21, 2006
China National Offshore Oil Corp (CNOOC) has finalized a deal worth 8.5 billion dollars to supply the nation's southeast with 2.6 million tonnes of liquefied natural gas (LNG) annually over 25 years, state press said Thursday. CNOOC inked the deal on Wednesday to source the LNG from Indonesia's Tangguh gas fields that are being developed by British Petroleum, the China Daily reported.

Xinhua news agency said the deal was worth 8.5 billion dollars.

The two sides originally agreed the deal in 2002, with deliveries to begin in 2007, but after Wednesday's finalization, delivery will now begin in 2009, the reports said.

The accord will allow CNOOC to deliver LNG to power suppliers in five cities of southeast China's Fujian province beginning in 2009, the China Daily said.

"The deal is Indonesia's first long-term LNG supply project for China, which has far-reaching significance for both countries," said Eddy Purwanto, an official with BP MIGAS, a government body overseeing oil and gas production in Indonesia.

Energy security is becoming an urgent priority for fast-growing China, already the world's second-largest consumer of oil, and it is struggling to find new energy sources to keep up with demand.

Tangguh draws its natural gas supplies from six fields with proven reserves of 14.4 trillion cubic feet in the Bintuni area of Papua.

The deal comes after CNOOC reportedly wrapped up an agreement with Malaysia's Petronas that could set a pricing benchmark for natural gas in Asia.

China's largest offshore energy group concluded an accord with state-owned Petronas to supply LNG to a terminal in Shanghai, the Financial Times said Monday, citing chairman and chief executive of CNOOC Fu Chengyu.

Source: Agence France-Presse

Related Links
Powering The World in the 21st Century

Troubled Shell-Led Sakhalin Project To Go Ahead
Moscow (AFP) Sep 20, 2006
Russian authorities stressed Wednesday that work on the vast Sakhalin-2 oil and gas fields should continue, in an apparent softening of Moscow's stance after criticism from Japan and Europe. "I don't see any reason to stop work on the project before the end of the technical economic assessment," Russia's Deputy Economy Minister Kirill Androsov was quoted as saying by Russian news agencies.

.
Get Our Free Newsletters Via Email
  



  • Analysis: Strengthening FEMA in DHS
  • Ideas To Rebuild Hurricane-Devastated New Orleans Showcased At Italian Fair
  • China's natural disasters cost billions, kill thousands: report
  • The Role Of Academia In The Global Aid Industry

  • British Scientists Tell Exxon To Stop Anti-Climate Change Campaign
  • Melting Greenland Ice Sheet Spells More Bad News On Climate Change
  • Getting To The Core Of Climate Secrets
  • Subdivisions Replace Trees In Cities Adding to Urban Hot Spots

  • New Technology Helping Foster The 'Democratization Of Cartography'
  • SAIC Becomes Authorized Supplier For Geospatial-Intelligence Solutions
  • DLR And Astrium Sign Contract For German Satellite TanDEM-X
  • Raytheon Completes NPOESS Segment Acceptance Testing Ahead of Schedule

  • CNOOC Clinches Gas Supply Deal With BP
  • Troubled Shell-Led Sakhalin Project To Go Ahead
  • Saudi Wary Of 'Green' Policies To Reduce Oil Consumption
  • China To Host High-Level Energy Meet In October

  • Fight Against Animal Epidemics Pressing
  • HPV Vaccine Drawing Attention On All Sides
  • Analysis: Malaria In The Spotlight
  • Researchers Uncover A Secret Of The Black Death

  • Fruit Fly Aggression Studies Have Relevance To Animal, Human Populations
  • Most Diverse Marine Life Found Off Indonesia's Papua Province
  • Max The Stork Achieves World Record For Satellite Tracking
  • Paleontologists Find 67 Dinosaurs In One Week Across Gobi Desert

  • Child Hospital Visits Rise With Pollution In Hong Kong
  • Birth Defects Rise In China Due To Pollution
  • Philippines Oil-Spill Tanker 'May Have Sunk During Cargo Heist'
  • Study To Forecast Side-Effects Of Pollution Policy

  • Oldest Juvenile Skeleton Discovered Will Help Piece Together Human Development
  • Beijing Citizens Live Longest In China
  • 450,000 Passengers Carried On Qinghai-Tibet Railway
  • Human Rights Groups Slam France Over Grouped Deportations

  • The content herein, unless otherwise known to be public domain, are Copyright 1995-2006 - SpaceDaily.AFP and UPI Wire Stories are copyright Agence France-Presse and United Press International. ESA PortalReports are copyright European Space Agency. All NASA sourced material is public domain. Additionalcopyrights may apply in whole or part to other bona fide parties. Advertising does not imply endorsement,agreement or approval of any opinions, statements or information provided by SpaceDaily on any Web page published or hosted by SpaceDaily. Privacy Statement