Total launches in the operation of coal gas, the famous firedamp. The French oil tanker acquired yesterday, the Australian Santos and the Malaysian Petronas a 20 stake in a large project of extraction and liquefaction of this type of gas in Australia. This is the first time that Total is involved in a project based on this unconventional gas.
Amount of 750 million dollars (590 million euros), the transaction is not significant the extent of the site. Dubbed "gladstone lng", the project should require some 15 billion dollars of investment, according to experts, to achieve, a 2016 horizon, its production plateau. For Total, Glastone LNG should result in an investment of $ 3 billion in the coming years.
Why an amount as high Gladstone LNG is an integrated production of liquefied natural gas (LNG) project, that is, it includes the extraction of gas from four deposits of coal in Queensland, the evacuation of production towards the sea as well as the construction of a liquefaction plant in Gladstone, 400 kilometres away, on the East coast of the Australia. The gas can then be burned in power plants, particularly in Asia.
Having two units, the Gladstone plant should have a capacity of 7.2 million tonnes per year. The final decision of investment on the first unit must be the coming months.
The operation will allow Total to grow substantially in Australia. The group already has 10 offshore licences in the country. Above all, Total holds a 24 stake in Ichthys. A project led by the Japanese Inpex and designed to produce 8.4 million tonnes of LNG per year, and condensate and liquefied petroleum gas. An amount of $ 20 billion, this project barely nevertheless start. He already been rejected twice by Inpex since the arrival of Total in 2006.
A production booming
With a production of 13 million tonnes this year, Total sees itself as the second largest producer of LNG in the world behind Shell and ExxonMobil, BG and BP. About one-third of its production comes from Asia, including Indonesia. But the Group intends to go further to better serve the Asian markets. They allow oil tankers to better enhance their volumes of gas because delivery contracts are indexed on the price of oil. In the US, gas prices depend on the contrary of the spot market, where prices are much lower.
In this context, the Australia is a priority for many oil and gas. Liquefied natural gas production is booming. According to the International Energy Agency (IEA), volumes should leap by 50 between 2008 and 2015. More than a dozen of projects are under consideration for the coming years to deliver the gas to the Korea of the South, China or the Japan. According to the IEA, it is unlikely that today current liquefied natural gas projects all lead a day, even on the horizon 2030. In the basin of Gladstone, six liquefaction plant projects are underway, led by players such as BG, Santos, Shell or Origin and Conocophillips. At the time, each seeks to advance his case as soon as possible to deter competitors continue their.
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