LNG Ltd., Metgasco Will Study Project to Process Australian Gas for Export

Feb. 18, 2011 - PRLog -- The companies will consider using Metgasco’s reserves in the state of New South Wales to develop the Fisherman’s Landing venture at Gladstone and possibly another project at the Port of Brisbane, Perth-based LNG Ltd. said in a statement today.

LNG Ltd. wants to replace its initial supplier, Arrow Energy Ltd., the Australian coal-seam gas company acquired in August by Royal Dutch Shell Plc and PetroChina Co. LNG Ltd. is cooperating with Metgasco after talks ended with Bow Energy Ltd. to provide gas for conversion to liquid form and export to Asia.

LNG Ltd. rose 1.1 percent to 45 Australian cents, while Metgasco had its biggest gain in more than three months, climbing 12 percent to 50 cents in Sydney trading. The benchmark S&P/ASX 200 Index gained 1.6 percent. Metgasco is also evaluating a potential floating LNG development with Norway’s Flex LNG Ltd., the Sydney-based company said in a separate statement. Floating LNG is a “commercial possibility” because unlike other coal-seam gas projects, Metgasco’s resources are close to the coast, it said.

Metgasco is analyzing multiple LNG export options and expects to make a decision in 2011, the company said. The “extra” distance to pipe Metgasco’s gas to Gladstone “is not a critical factor in the overall project economics or project schedule,” LNG Ltd. Managing Director Maurice Brand said in the statement. LNG Ltd. has said the planned Fisherman’s Landing venture may cost $1.3 billion.

LNG Ltd. acquired a 5 percent stake in Metgasco, according to a regulatory filing earlier this month. Brand said Sept. 21 that his company may seek to partner with Metgasco and was in “advanced discussions with several parties.” LNG Ltd. said today it is continuing to pursue gas supplies to feed Fisherman’s Landing and looking for “strategic partners” to help develop the project and buy fuel.
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