BG Group, the British gas and oil group, has signed a deal with China National Offshore Oil Corporationto sell liquefied natural gas from BG's planned plant in Australia, opening up a new supply route to Asia.
CNOOC has agreed to buy 3.6m tonnes of LNG a year for 20 years and is taking small stakes in BG's LNG plant and some of its gas fields. The supply represents about 5.3bn cubic metres of gas a year – about 8 per cent of China's present demand.
The deal is China's first commitment to gas imports from eastern Australia's huge reserves of coal bed methane – natural gas produced from coal deposits.
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