NWS Venture, Tohoku Electric Sign LNG Heads of Deal



The North West Shelf Venture participant companies and Tohoku Electric of Japan have signed a heads of agreement for the ongoing supply of liquefied natural gas from Australia's largest resources project.

In a multi-part deal commencing in April 2010, the North West Shelf Venture will:

--increase LNG quantities under an existing agreement
--convert that agreement from a loaded basis to an ex-ship basis
--supply a new quantity of LNG on an ex-ship basis

The net effect of these elements is to increase the supply of LNG by about 0.5 million tonnes a year starting in 2010 for eight years. Total North West Shelf Venture LNG sales to Tohoku Electric will now be about 1 million tonnes a year from 2010.

The six equal participants in the NWS Venture are: Woodside Energy Ltd. (16.67% and operator); BHP Billiton Petroleum (North West Shelf) Pty Ltd (16.67%); BP Developments Australia Pty Ltd (16.67%); Chevron Australia Pty Ltd (16.67%); Japan Australia LNG (MIMI) Pty Ltd (16.67%); and Shell Development (Australia) Proprietary Limited (16.67%).

RELATED COMPANIES
Company: BHP Billiton more info
Operates 1 Offshore Rigs
 - Private Oil Made a Big Find in Mexico. Now State Oil Wants a Cut (Oct 04)
 - BHP Gearing Up to Start Drilling for Oil in Mexico's Deep Waters (Oct 02)
 - BHP To Quit US Shale Business As Annual Profit Surges (Aug 22)
Company: BP plc more info
Operates 32 Offshore Rigs
 - BP: 2017 'Massive' Year for Global Upstream Projects (Dec 07)
 - BP Seeks Stake In Cairn Energy Senegal Assets (Nov 20)
 - Officials: BP, Eni Interested In Developing Iraq's Majnoon Oilfield (Nov 20)
Company: Shell more info
Operates 27 Offshore Rigs
 - Shell Looks Beyond Road Fuels to Secure Future of Refining (Nov 06)
 - API Panel Member: Voluntary Methane Program Forthcoming (Oct 06)
 - Eni Bets Big on Zohr Explorer Finding New Treasure (Oct 06)
Company: Woodside more info
Operates 3 Offshore Rigs
 - Chevron Starts LNG Output at Australia's Wheatstone (Oct 09)
 - Global LNG: Faltering Supply Prompts Short-Covering Price Rally (Aug 11)
 - Woodside Sees Output Growing 15 Pct Over Next Three Years (May 23)
Company: Chevron Corporation more info
 - ExxonMobil Jumping in to Mexico Fuel Market With First US Cargo (Dec 06)
 - Chevron To Study Mexican Oil Block, No Drilling Seen In First 4 Years (Nov 30)
 - Buying Texas Oil at New Mexico Prices: Majors Go West for Shale (Nov 14)
Company: CNOOC more info
 - CNOOC 3Q Revenue Rises; Only Halfway To 2017 Spending Goal (Oct 25)
 - CNOOC Completes Test Runs at Huizhou Refinery in Guangdong - Report (Oct 09)
 - Exxon Mobil Bets on Brazil, Buys 10 Oil Blocks in Auction (Sep 28)
Company: Japan Australia more info
 - Australia's Browse FLNG JV Decides Not to Proceed with Development (Mar 23)
 - NWS JV to Develop $2B Greater Western Flank Phase 2 Project Off Australia (Dec 11)
 - NWS JV to Develop $1B Persephone Project Off Northwest Australia (Nov 27)
Company: North West Shelf Australia LNG more info
 - North West Shelf Increases LNG Supplies to Tohoku (Dec 04)
 - HMC Returning to Australian Waters (Nov 28)
 - CNOOC Boosts Q1 Production (Apr 26)
Company: Tohoku Electric more info
 - Chevron to Supply LNG to Tohoku Electric from Wheatstone Project (Oct 01)
 - Inpex Completes Transfer of 6% Interest in Ichthys LNG to Total (Mar 01)
 - NWS Venture, Tohoku Electric Sign LNG Heads of Deal (Mar 16)
For More Information on the Offshore Rig Fleet:
RigLogix can provide the information that you need about the offshore rig fleet, whether you need utilization and industry trends or detailed reports on future rig contracts. Subscribing to RigLogix will allow you to access dozens of prebuilt reports and build your own custom reports using hundreds of available data columns. For more information about a RigLogix subscription, visit www.riglogix.com.