CNOOC withdraws capital from NG project in Australia.(China National Offshore Oil Corp., Gorgon J.V., natural gas)

China Chemical Reporter, July, 2005

CNOOC (China National Offshore Oil Corp.) Ltd. has recently decided to withdraw its capital from the Gorgon NG (natural gas) project in Australia that has a total value of over 30 billion Australia dollars. The NG contract that would very likely be the largest one in the Australian history has become uncertain.

According to project executives, the Chinese side firmly holds that the quotation given by the Gorgon project is too high and has therefore turned to other regions to seek new NG projects. Investors of the Gorgon project still hope that CNOOC can continue to have talks with them after it has made reevaluation to the unit price, total value and shipment time of other NG projects.

CNOOC and Gorgon signed a letter of intent on Oct 24, 2003,...

Read the rest of this article with a Free Trial at HighBeam Research.

Premium Content Partnership | HighBeam Research provides an in-depth online archive library of reference works.