Australia to hold auction in China for oil and gas exploration rights

Nov 13, 2003 01:00 AM

The Australian government will hold an auction in China next March to auction oil and natural gas exploration rights to Chinese companies, sources with Australia's Ministry for Industry, Science and Resources told.
Warren Entsch, minister of Industry, Science and Resources, was quoted as saying Australia had discovered a total of 4 tn cm of LNG reserves by the end of June this year, while its annual demand is only 22 bn cm.

Industry experts were quoted as saying the reason why Australia prefers Chinese companies is that China's rapid economic development will result in an increasing demand for LNG.
Earlier, China's CNOOC Ltd acquired a 12.5 % stake in the Gorgon gas development off the coast of Western Australia for A$ 30 bn. CNOOC also started construction on two LNG terminals last year, planning to import 3 mm tons of LNG from Australia annually after the first-phase project is completed in 2006, and 5 mm tons after the second-phase project is completed in 2008.

Source: AFX News Limited
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