CNOOC buys stake in Tangguh LNG project<\/p>\n
Dow Jones, Hong Kong<\/p>\n
China's largest offshore oil and gas producer, CNOOC Ltd.,
\nsaid Tuesday it has completed the acquisition of a 12.5 percent
\nstake in the reserves related to Indonesia's Tangguh liquefied
\nnatural gas (LNG) project.<\/p>\n
CNOOC said in September it would pay US$275 million to buy a
\n12.5 percent stake in the project from BP PLC.<\/p>\n
The Tangguh LNG Project comprises three production sharing
\ncontract (PSC) areas: the Berau, Muturi and Wiriagar PSCs.<\/p>\n
CNOOC said it bought the 12.5 percent stake through the
\nacquisition of a 44 percent interest in the Muturi PSC and a
\n42.4 percent stake in the Wiriagar PSC.<\/p>\n
"With this transaction, we have taken a significant step in
\nexecuting our natural gas strategy in China's rapidly growing
\ncoastal gas market," Yang Hua, senior vice president at CNOOC,
\nsaid in a press release.<\/p>\n
CNOOC Ltd.'s state-owned parent, China National Offshore Oil
\nCorp., signed a $8.5 billion agreement in September with a
\nconsortium comprising BP and Indonesia's state-owned oil and gas
\ncompany Pertamina, to buy natural gas over 25 years from the
\nTangguh gas field.<\/p>\n
Partners in the Tangguh joint venture have signed a 25-year
\nsupply contract to provide up to 2.6 million metric tons of LNG a
\nyear to China's Fujian LNG terminal project.<\/p>\n
Merrill Lynch (Asia Pacific) Ltd. and Credit Suisse First
\nBoston (Hong Kong) Ltd. acted as financial advisers to CNOOC on
\nthe project stake acquisition.<\/p>",
"url": "https:\/\/jawawa.id\/newsitem\/cnooc-buys-stake-in-tangguh-lng-project-1447893297",
"image": ""
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"sponsor": "Okusi Associates",
"sponsor_url": "https:\/\/okusiassociates.com"
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