China National Offshore Oil Corp. (CNOOC) will move to a 50% interest in Train 1 of the Queensland Curtis Island coal seam gas-LNG project, operated by BG Group. BG sold a further 40% of the project to the Chinese company for $1.93 billion to add to its existing 10% interest. Under a separate agreement, BG is to supply CNOOC with another 5 million tonnes/year of LNG for 20 years beginning in 2015. This LNG will come from BG’s global portfolio of assets. The Queensland Curtis LNG deal includes CNOOC receiving a 20% interest in reserves and resources of some BG permits in the Walloon Fairway region of the Surat basin taking its share there to 25%. In addition CNOOC gets a 25% equity in other BG permits in the Bowen and Surat basins. CNOOC will have the option to participate in up to 25% in one of the possible […]