Santos, GDF SUEZ to develop Bonaparte FLNG

Santos and GDF SUEZ are developing an FLNG project in the Bonaparte basin offshore Australia.

Offshore staff

ADELAIDE, Australia -- Santos and GDF SUEZ are developing an FLNG project in the Bonaparte basin offshore Australia.

GDF SUEZ will lead the 60/40-unincorporated joint venture to develop and operate a proposed floating liquefaction plant with a planned capacity of 2 million tons/year of LNG. The plant will use gas from the Petrel, Tern, and Frigate natural fields. GDF SUEZ will lift all LNG production and ship it to markets in the Asia/Pacific region according to terms agreed by the joint venture.

As part of the project, Santos has agreed to sell a 60% interest in the Petrel, Tern, and Frigate offshore gas fields to GDF SUEZ. As part of the agreement, GDF SUEZ will assume operatorship of the fields in 2011.

“We are delighted to be able to form this partnership with Santos and accelerate the development of our LNG business with this high quality asset,” says Gérard Mestrallet, CEO of GDF SUEZ. “By extending our reach to the Asian market, it allows us to offer a truly global LNG marketing platform to our customers.”

The sale agreement is conditional upon Australian Foreign Investment Review Board and other customary consents and regulatory approvals.

08/18/2009

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