- Home
- Press Room
- Press Room 2009
- 2009Toyota Tsusho to participate in development of coal bed methane (CBM) field to supply Queensland Curtis LNG project in Australia
Press Room
2009Toyota Tsusho to participate in development of coal bed methane (CBM) field to supply Queensland Curtis LNG project in Australia
2009-12-18
Toyota Tsusho Corporation (hereinafter "TTC"; head office: Nagoya, Japan; president: Junzo Shimizu), through its wholly owned subsidiary, Toyota Tsusho CBM Queensland Pty Ltd (head office: Sydney, Australia), has concluded an agreement with AJ Lucas Group Ltd (head office: Sydney, Australia) to acquire that company?s 15% equity in the coal bed methane block ATP651 for a total consideration of A$98.5 million. The block is situated in Queensland's Surat Basin and operated by BG Group plc (hereinafter "BG Group"; head office: United Kingdom) through its wholly owned subsidiary QGC Ltd (head office: Brisbane, Australia).
The block is one of the major supply sources for the Queensland Curtis LNG project being implemented by BG Group in Gladstone, Queensland for coal bed methane, a raw material in the production of liquefied natural gas (LNG). The project is expected to begin production of LNG in 2014. TTC will cooperate with the BG Group in development of the ATP651 block to meet production schedule requirements.
The current acquisition is in addition to TTC?s earlier participation in exploration permits for offshore Western Australia. It is TTC?s intention to actively expand its involvement in upstream gas projects in Australia, an important source of abundant natural gas, aimed at eventually establishing an upstream-to-downstream gas supply chain.
Participants? share:
Before TTC's acquisition After TTC's acquisition
QGC Ltd 68% QGC Ltd 68%
BG International Ltd 17% BG International Ltd 17%
AJ Lucas Group Ltd 15% TTC 15%
*Both QGC Ltd and BG International Ltd are wholly owned subsidiaries of BG Group
icon require "Adobe Reader".