Talisman sues CNOOC for Tangguh stake

Jun 13, 2007 02:00 AM

The Canadian oil and gas producer Talisman Energy has sued CNOOC Limited in the US for the interest in the Tangguh liquefied natural gas (LNG) project in Indonesia, an island country in southeast Asia.
Fortuna Resources, a subsidiary of the Canadian company, declared in files to the court that it owned certain interests in the Indonesian project, which was involved in a series of merger and acquisitions and interest transfer in the past years. So, the company asks the Chinese defendant to distribute the benefits that belong to the accuser. The trial will start from November 2007.

The Chinese listed company purchased a 12.5 % stake in the LNG project from British Petroleum for $ 275 mm on September 27, 2002.
Besides, its wholly owned subsidiary CNOOC Muturi signed a sale and purchase agreement with BG Group to buy a 20.77 % stake in the Muturi production sharing contract for $ 98.1 mm, which raises its parent's total stake in the contract from 44 % to 64.767 % and interests in the LNG project from 12.5 % to 16.96 %.

Source / Asiaport Daily News
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