BG, CNOOC Strike 20-Year, $70B LNG Supply Deal

Law360, New York (March 24, 2010, 6:38 PM EDT) -- Australian gas exploration company BG Group PLC agreed Wednesday to supply state-owned China National Offshore Oil Corp. with 3.6 million tons of liquefied natural gas annually for the next 20 years, in a deal estimated to be worth up to $70 billion.

The partnership comes as China attempts to secure raw materials and energy for its booming economic development, while Australia's energy companies grow their coal seam gas operations.

It is the first sale of LNG from coal seam gas to China, the world's fastest-growing gas...
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