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BG Group Assumes Operational Control of QCLNG & Pre-Conditions for Pipeline Sale

Source: www.gulfoilandgas.com 5/21/2015, Location: Not categorized

BG Group announces that operational control of Train 1 at its Queensland Curtis LNG plant has been formally transferred to QGC, BG Groupís Australian subsidiary, from Bechtel Australia, which constructed the facility.

In addition, the Company announces that approval for the sale of its QCLNG gas pipeline has been received from BG Groupís Train 1 equity partner, the China National Offshore Oil Company (CNOOC). As a result, the preconditions for sale of the QCLNG pipeline to APA Group have been satisfied in full. The sale of the pipeline remains on track for completion in the second quarter of 2015.

The transfer of operational control of Train 1 marks the start of commercial operations at QCLNG. First production from Train 1 occurred in December 2014, with 16 cargoes shipped to date. QCLNGís Train 2 is currently under construction, and is expected to start operations in the third quarter of 2015.

Helge Lund, BG Groupís Chief Executive, commented: "We are pleased to be taking operational control of QCLNG following its successful start-up and commissioning over the past six months. I would like to thank our partners Bechtel for building this world-first facility and helping to establish the LNG industry on the east coast of Australia.

The cargoes from Train 1, along with those from Train 2 when it starts up later this year, will add flexibility to BG Groupís LNG portfolio. The transfer of operational control, and CNOOCís approval, have also progressed our pipeline disposal, which we expect to complete in the coming weeks."

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Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 

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