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Wednesday, 07 January, 2009, 21:10 GMT | more >>

CNOOC Ltd faces Tangguh legal battle



By Upstream staff 

China National Offshore Oil Corporation Ltd (CNOOC Ltd) is being sued by an Indonesian partner claiming rights to the Chinese company's stake in the Tangguh gas field, a CNOOC spokesman said today.

"The case will be heard in November," the spokesman told the XFN-Asia news agency.

A report published in business magazine Forbes said the spokesman declined to identify the party to the suit but added that it is not one of the current shareholders of the Tangguh field.

No further details were provided.

In February 2004, unit CNOOC Ltd signed a sale-and-purchase agreement with BG Group to take a 20.767% stake in the Muturi production sharing contract for $98.1 million.

The deal raised its stake in the Muturi PSC to 64.767% from 44%, and boosted its interest in the Tangguh liquefied natural gas project to 16.96% from 12.5%.

Last year, CNOOC finalised a deal to buy LNG from Tangguh gas project for its LNG terminal in China's Fujian province.

BP-operated Tangguh will supply the Fujian terminal with 2.6 million tonnes LNG per year for 25 years starting from 2009.


Wednesday, 16 May, 2007, 10:52 GMT  | last updated: Wednesday, 16 May, 2007, 10:52 GMT

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