Total to invest heavily in Australian natural gas plant

08:45, September 10, 2010      

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Energy giant Total is due to buy 20 percent of an Australian natural gas plant's stake for 750 million U.S. dollars, the group said Thursday.

An agreement signed by the French group, the Australian energy company Santos and Malaysian state-owned Petronas was to be approved by the Australian Foreign Investment Review Board in the next few months, Total said in a statement.

"As a leading international Liquefied Natural Gas (LNG) player, Total is delighted with this acquisition, which reflects the group's commitment to the development of the LNG business and gives the group access to major long term resources at a competitive price of about 2.5 dollars per barrel," said Yves-Louis Darricarrere, head of Total Exploration and Production.

The natural gas plant aims at extracting coal seam gas from the Fairview, Arcadia, Roma and Scotia fields, located in the Bowen-Surat Basin in Queensland, eastern Australia. The fields' resources are estimated at over 250 billion cubic meters of gas, according to the report.

The GLNG liquefaction plant will have a total production capacity of 7.2 million tons a year.

Source: Xinhua


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