Also, South Korea’s Kogas has entered into an agreement to join the project with a 15% stake and has also committed to lift 3.5 million tons per year (mt/y) of Liquefied Natural Gas (LNG).
Given the 3.5mt/y of LNG lifted by Petronas, the GLNG project has now firm off-takers for most of its two trains and a final investment decision on the two-train project will be made in January 2011.
Once the transactions have been finalized, operator Santos will hold 30% while Petronas, Total and Kogas will hold 27.5%, 27.5% and 15%, respectively
The integrated LNG project consists of extracting coal seam gas from the Fairview, Arcadia, Roma and Scotia fields, located in the Bowen-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 project also includes transporting the production over approximately 400km to a gas liquefaction plant in the industrial port of Gladstone, northeast of Brisbane, on the eastern coast of Australia.
The GLNG liquefaction plant will consist of two trains with a total production capacity of 7.2mt/y.
With the final investment decision in January 2011, the forecast start-up date for the first train is 2015.
