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ADELAIDE, Australia, Aug. 19 (UPI) -- Santos Ltd. and French giant GDF Suez announced a partnership to develop a floating liquefied natural gas project in Australia's Bonaparte Basin.
GDF Suez will lead the 60-40 joint venture to develop a floating LNG plant with an estimated capacity of 2 million tons per year from the Petrel, Tern and Frigate natural gas fields.
Under the terms of the deal, Santos sells 60 percent of its interest in the offshore gas fields to GDF Suez, which will become the operator in 2011.
The transaction for Santos amounts to a total consideration of up to $370 million, including an upfront tranche of $200 million.
"This is an excellent cash-and-carry outcome for Santos," said Chief Executive Officer David Knox.
The project gives GDF Suez its first foothold in Australia. The three fields under consideration are among the most significant gas resources in the Timor/Bonaparte Basin off Western Australia and the Northern Territory.
GDF Suez will ship all of the LNG production to markets in the Asia-Pacific region.
"By extending our reach to the Asian market, it allows us to offer a truly global LNG marketing platform to our customers," said GDF Suez Chairman and CEO Gerard Mestrallet.
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