On Wednesday, BG announced an agreement to supply the China National Offshore Oil Corp. with 3.6 million tons of liquefied natural gas each year for the next 20 years. The contract formalizes a preliminary agreement reached between the two parties almost a year ago. The LNG deal is the first that derives from a coal seam gas project in Australia owned by BG, according to the Oil & Gas Journal, an industry publication. Various news sources are estimating the total value of the contract and stake in BG’s Australian assets at roughly $70 billion.
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