Oil and gas company BG Group said today it had signed a £1.2billion deal with China National Offshore Oil Corporation (CNOOC) for the sale of interests in the Queensland Curtis liquid natural gas (LNG) project in Australia.
Earlier this month, BG announced better-than-expected post-tax profits of £762million in the first three months of the year, ahead of consensus forecasts of £707million but 3% lower than the same period last year.
The agreement with Chinese national CNOOC also includes the supply of an additional five million tonnes per annum of LNG.
BG Group chief executive Chris Finlayson said: “These agreements extend our strong relationship with CNOOC, which spans not only LNG but also exploration offshore China and production in the UK continental shelf through participation in the large Buzzard oil field.”