Under a separate agreement, BG Group will also supply CNOOC with an additional 5 million tonnes per annum of liquefied natural gas (LNG).
CNOOC has also reimbursed BG Group for QCLNG project expenditure commensurate with its increased interests incurred from 1 January 2012 to 30 September 2013. From 1 October 2013 CNOOC will fund project expenditure commensurate with its new equity holding.
Completion of the deal followed approvals from government, regulatory and other relevant authorities, and execution of related documents.
BG Group chief executive Chris Finlayson Chris Finlayson said, "While today marks the completion of the agreements with CNOOC, it also signals the start of a new chapter in our partnership as we begin commissioning of the world’s first coal seam gas to LNG project ahead of first commercial cargo in 2014."
