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CNOOC to Acquire Interest in Queensland Curtis LNG Project from BG Group for US$1.93 Billion - BG Divests 40% Stake in QCLNG as Part of its Funding Program
GlobalData, November 2012, Pages: 6
CNOOC to Acquire Interest in Queensland Curtis LNG Project from BG Group for US$1.93 Billion - BG Divests 40% Stake in QCLNG as Part of its Funding Program – Deal Analysis from GlobalData
Summary
China National Offshore Oil Corporation (CNOOC) agreed to acquire certain interests in the Queensland Curtis LNG (QCLNG) project in Australia from BG Group plc (BG) for a purchase consideration of US$1.93 billion. Under the terms of the agreement, CNOOC will acquire a 40% equity interest in QCLNG Train 1 liquefaction facility, a 20% equity interest in the reserves and resources of certain tenements in the Walloons Fairway region of the Surat Basin, Queensland, and a 25% working interest in certain upstream tenements in the Bowen Basin, Queensland. In addition, BG and CNOOC will jointly invest in the construction of two LNG ships in China and CNOOC will have the option to participate as a 25% partner in the first of any potential expansion trains at QCLNG. CNOOC also agreed to reimburse to BG for its share of QCLNG project capital expenditures incurred from January 1, 2012. CNOOC and BG expect to sign definitive agreements in the first half of 2013. The transaction is subject to the applicable government and regulatory approvals.
Scope
- Rationale behind CNOOC acquiring interest in Queensland Curtis LNG project from BG Group for US$1.93 billion.
- Rationale behind BG divesting part of its stake in QCLNG as part of its funding program focusing on more profitable E&P assets.
- Geography Covered- Australia
Reasons to buy
- To know about CNOOC acquiring interest in Queensland Curtis LNG project from BG Group for US$1.93 billion.
- Develop a sound understanding of BG divesting part of its stake in QCLNG to reduce BG’s debt burden.
- To understand about how CNOOC continues to expand its asset base in Australia inorganically.
1
1
1.1 List of Tables
1.2 List of Figures
2 CNOOC to Acquire Interest in Queensland Curtis LNG Project from BG Group for US$1.93 Billion
2.1 Deal Overview
2.2 Deal in Brief
2.3 BG Divests Part of its Stake in QCLNG as Part of its Funding Program Focusing on more Profitable E&P Assets
2.4 Divestment of Stake in QCLNG (Train 1) Facility is Part of the Queensland Curtis LNG Project
2.5 CNOOC Continues to Expand its Asset Base in Australia Inorganically
2.6 Deal Financials and Valuations
3 Appendix
3.1 Sources
3.2 Methodology
3.3 Contact Us
3.4 Disclaimer
1.1 List of Tables
Table 1: Oil and Gas Industry, BG, Major Divestment Around the World, February 2012 to Present
Table 2: Oil and Gas Industry, CNOOC, Major Acquisition in Australia, 2010 to Present
Table 3: Companies Involved
Table 4: Financials of the Deal
Table 5: Target Information
Table 6: Acquirer Information
Table 7: Vendor Information
1.2 List of Figures
Figure 1: BG, Debt to Capital Ratio (%), 2007–2011
Figure 2: Australia, Location of QCLNG in the Map, 2012
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