Chinese energy companies are on the hunt for gas. There has been a flurry of gas deals out of China this month. This week, CNOOC signed a 20-year deal to buy and help develop liquefied natural gas from BG's Australian unit for at least $40bn based on an assumed oil price of $70 per barrel.
It came shortly after PetroChina, the country's biggest oil and gas producer, and Royal Dutch Shell made a successful $3.2bn bid to buy Australia's Arrow Energy, allowing the Chinese giant to bulk up its gas reserves.
Shell and CNPC, PetroChina's parent, also agreed this week to jointly develop natural gas deposits in China's Sichuan province, on top of an existing joint gas field project in Shaanxi province.
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