Reading-based
BG Grouptoday announced an agreement to establish an alliance with Australia’s
Queensland Gas Company Limited(QGC), a coal seam gas exploration and production company.
Under the terms of the agreement, the two companies will co-operate in the exploration and development of onshore coal seam gas acreage as well as in the development of domestic market opportunities and a new LNG production and export facility on the Queensland coast.
BG Group will acquire a 20 per cent interest in QGC's coal seam gas assets in the Surat Basin, South West Queensland and in certain other related QGC assets; plus a 9.9 per cent stake in QGC, for a total consideration of £299m.
BG Group will also acquire a further 10 per cent interest in QGC's coal seam gas and other assets if reserves of 7,000 petajoules are proved or if a liquefied natural gas facility is approved.
Today’s agreement marks BG Group's first investment in Australia. QGC and BG Group have also agreed to cooperate in the evaluation of further coal seam gas opportunities in India, where BG Group already active.
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