PetroChina Signs AUD50 Billion LNG Supply Contract With ExxonMobil

Published: 18-Aug-2009

By: Staff Writer Staff Writer Staff Writer

PetroChina Company Limited (PetroChina) has signed a contract with Exxon Mobil Corporation (ExxonMobil) worth an estimated AUD50 billion to import liquefied natural gas (LNG) for the next 20 years, Dow Jones Newswires reported. ExxonMobil will supply 2.25 million metric tons of LNG to PetroChina from its 25% share in Gorgon gas field offshore of Australia.

"This unprecedented export deal confirms Australia's importance as a global energy superpower supplying vital clean energy resources and technologies to China and our other Asia-Pacific trading partners," Australian Energy and Resources Minister Martin Ferguson said.

"PetroChina is an increasingly important partner in the Australian LNG industry, and I hope the relationship will be long and successful," he said.

The Gorgon field, which has potential reserves of over 40 trillion cubic feet of gas, is situated off the coast of Western Australia and is being developed by ExxonMobil, Chevron Corporation (Chevron) and Royal Dutch Shell plc (Shell).

Shell and ExxonMobill each hold a 25% stake in the Gorgon project, while Chevron holds a 50% stake and will act as operator.

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