August 18, 2009

China and Australia in GORGONtuan Gas Trade Deal

Australian Minister for Resources and Energy Martin Ferguson announced today in Beijing a $50 billion (Australian dollars) liquified natural gas (LNG) deal that will unite PetroChina and ExxonMobile to exploit the giant Gorgon gas fields off the western Australian coast. In the trade deal, ExxonMobile will supply PetroChina with 2.25 million metric tons of gas a year for 20 years. The Gorgon gas fields have been under exploration and development for many years and considered the largest resource project in Australia. Gorgon lies just offshore Barrow Island, a protected natural reserve with unique species. Environmental hurdles are to be expected....

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