GDF SUEZ launches the Bonaparte LNG project in Australia

abarrelfullabarrelfull wrote on 29 Jun 2012 13:55

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28 JAN 2010

GDF SUEZ signed with Santos the final agreement for the purchase of a 60% share in three offshore gas fields in Australia. Following the Australian authorities’ approval, the USD 200 million transaction was concluded as part of the Bonaparte LNG project announced in August 2009.

Owned 60% by GDF SUEZ and 40% by Santos, Bonaparte LNG is an integrated project. Its purpose is to build a floating liquefaction plant (FPSO)1 with a 2 million tonnes of LNG per year capacity, alongside the development and production of Petrel, Tern and Frigate2 gas fields located in the Bonaparte basin in the Timor Sea, one of the main gas-producing regions in Australia.

The Bonaparte LNG project responds to three strategic objectives for GDF SUEZ:

  • To develop integrated LNG projects, from exploration-production to marketing.
  • To increase its gas resources. The 3 fields which have been acquired represent a significant potential for growth, giving the Group the possibility of increasing its hydrocarbon reserves by approximately 20%.
  • To expand its LNG supply portfolio to the Asia-Pacific zone, a highly promising market which represents two thirds of worldwide LNG demand.

This project will be run by GDF SUEZ Bonaparte, a 100% subsidiary of GDF SUEZ based in Perth. The project team based in Paris and Perth will combine GDF SUEZ’s skills and expertise in exploration-production and LNG, supported in particular by the design and engineering work that has already been carried out by the Group in the offshore LNG field, as well as Santos’ experience in exploration in Northern Australia.

The first project phase will last around 3 years, before the final investment decision is made. A new drilling campaign is scheduled by the end of 2010 to confirm reservoir potential.

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