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PetroChina and ExxonMobil sign 41b USD deal
Published on: 2009-08-19
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PetroChina and ExxonMobil have signed a $41 billion LNG agreement which will see the US major supply LNG from the Gorgon gas fields off Western Australia.

Peak output from ExxonMobil Australia's Gorgon project has been estimated at 15 million tonnes per year.

Chevron is operating the Gorgon project with ExxonMobil and Royal Dutch Shell each having a 25% stake.

ExxonMobil had just last week signed a $25 million contract to supply 1.5 million tonnes per year from the Gorgon gas fields to India's Petronet.

According to Reuters, PetroChina's deal means buyers have now been found for ExxonMobil's entire share in the Gorgon project.

The new agreement is set to see PetroChina receive 2.25 million tonnes per year for 20 years, effectively making it the largest buyer of gas from Gorgon.

That figure is on top of a previous 20-year agreement signed with Shell for 1 million tonnes per year.

The new LNG facilities are scheduled to be built on Barrow Island which is a nature reserve some 70 kilometres off Western Australia.

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