Australia agrees $60bn gas deal

[hulaku]

Aussies have got Natural Gas deals worth almost 135 billion $.


US oil firm Chevron has signed $60bn (£36bn) worth of deals to supply natural gas to Japan and South Korea from its Gorgon project in Australia.

Chevron Australia said it would supply Osaka Gas with 1.375 million tonnes of natural gas a year over 25 years.

Tokyo Gas would receive 1.1 million tonnes and South Korea's GS Caltex would get 0.5 million tonnes.

Australian Prime Minister Kevin Rudd described the deals as a "shot in the arm" for the Australian economy.

Last month, PetroChina signed a deal to buy $50bn worth of liquefied natural gas (LNG) from Gorgon - the largest trade deal in Australia's history.

Separately, India's Petronet signed a $25m(b) deal. (Actually this is an error instead of million its billion)

http://news.bbc.co.uk/2/hi/business/8247702.stm

[Alfacentori]

So that's

-50 billion to China
-25 billion to India
and 60 billion to Japan and South Korea

That's a lot of gas, and theres our 25yr defence expansion plan paid for p-)

Alfa

[hulaku]

I wanna move to Australiap-)

[Eztyga]

Selling our soul...again

[Alfacentori]

Selling our soul...again

Had crossed my mind, one thing I do note, despite how these things help the economy etc, is that they get it cheap. Doesn't seem to reflect that they need our gas, perhaps more than we need them. It's not like there will be a shortage of customers in the future energy market.

Alfa

[hulaku]

Selling our soul...again

Do you see Australia selling its gas to other countries as a problem?

[Eztyga]

Do you see Australia selling its gas to other countries as a problem?

Not from an economic standpoint, however I believe that we should 'ration' it out a bit. The price will only go up. Plus I don't believe that the government, past or present, think about our local energy needs. We continue to rely on coal when we could be using a clean domestic alternative.

[Flagg]

Gas is a harder one globally......in some ways

Light, sweet crude is not exactly growing on trees.....over time we'll see increasing demand for light/sweet overshadow the newer, smaller, easier oil fields coming on line.

But gas is a bit different...VERY cheap and plentiful at present...and I suspect more will adjust their economies towards greater use of LNG going forward.

But the hard part is still the conversion, transport, storage and distribution of LNG...it may be cheaper than oil, but its harder to get it where it's needed...in some ways it's a bit like the problem with potable water....there's heaps of it......but it's not where it's needed.

Just my 0.02c

[hulaku]

According to the agreement, signed Aug 10 in Perth, ExxonMobil will sell around 1.5 million tonnes of liquefied natural gas (LNG) annually from the Gorgon project in western Australia to Petoronet for 20 years.

The greater Gorgon fields have more than 40 trillion cubic feet of natural gas reserves and it is Australia's largest known gas resource, according to a statement from the Australian high commission here.

I think Australia has a lot of gas to spare. 40 trillion cubic feet of natural gas reserves at just the Gorgon field sure sounds a lot.

Also this quote source says that to Petronet (Indian company) the supply would be 1.5 million tonnes annually for 20 years which makes it 30 million tonnes.

China would be getting around 60 million tonnes and Japan and SK around 40 million tonnes.

Total of around 130 million tonnes. Can anybody clarify how this relates to the 40 trillion cubic feet of the estimated reserve?

[Violet Fashion by Mindy]

Australia has enough resources to tell everyone to **** off, close shop, become isolationist and watch the world kill itself all the while we end up being all that is left of humanity...................if we wanted to

But we just prefer to take the world to the cleaners selling gas, oil, coal, ores, gold, and a bunch of other ****.

[Hando]

Take a tour of country towns while you can boys, the Gorgon boom is going to be the precursor for the country kill-off that the Iron boom began.