ConocoPhillips Sanctions Australia Pacific LNG Project

ConocoPhillips today announced approval of the final investment decision for the initial train of a two train liquefied natural gas (LNG) 9.0 milliongermanay aggregate amp sand machinary tonnes per annum (MTPA) project by Australia Pacific LNG in Queensland, Australia.

Project sanction includes development of the necessary resources from Australia Pacific LNG's 24 trillion cubic feet of coal seam gas (CSG) resources in the Surat and Bowen Basins to supply the first train requirements, installation of a transmission pipeline from the onshore gas fields to the LNG facility on Curtis Island and infrastructure commitments to support a second train. LNG exports from the first train are scheduled to start in 2015 under a binding sales agreement for 4.3 MTPA with China Petroleum & Chemical Corporation (Sinopec Corp.). "This decision marks an important milestone for the Australia Pacific LNG project and ConocoPhillips," said Jim Mulva, ConocoPhillips Chairman and Chief Executive Officer. "Australia Pacific LNG has one of the largest CSG reserve positions in Australia and with the project sanction ConocoPhillips builds on its position as the world's largest producer of CSG...