CNOOC, China's largest offshore oil and gas producer, will pay US$275 million
for a 12.5 percent stake in Australia's Gorgon gas project, according to media
reports.
The state-run company will take 100 million tons of liquefied natural gas
(LNG) from the Australian field over the next 25 years.
Last year CNOOC bought oil
and gas assets in Indonesia from Spain's Repsol, as well as a stake in Australia's North
West Shelf natural gas project.
Partners in the Gorgon project include
ChevronTexaco with a 57.14 per cent stake, Royal Dutch/Shell Group holding 28.57 per
cent and Exxon Mobil Corp with a 14.28 percent interest.
The project will produce its
first LNG in 2008.