Herbert Smith Freehills
is advising China National Offshore Oil Corp Ltd. on its $1.9 billion acquisition of an additional 40-percent stake in Australia’s largest liquefied natural gas project, Queensland Curtis LNG.
British energy producer BG Group is the seller, and it is being advised by
King & Wood Mallesons
. CNOOC already owned a 10 percent stake, so its latest acquisition will increase its stake in the project to 50 percent.
As part of the deal, BG Group will also supply CNOOC with five million tons of LNG per year for twenty years starting 2015. The investment will also increase CNOOC’s interest in two of BG Group’s other oil basins in Queensland—Surat Basin and Bowen Basin—to 25 percent.
The King & Wood Mallesons team is being led by partners Craig Rogers in Brisbane and Joshua Cole in Hong Kong.
Herbert Smith partners Hilary Lau in Hong Kong and Stuart Barrymore in Perth are advising CNOOC.