The Biggest Gas Deal Ever Between India and Australia
The first long-term gas contract between India and Australia has recently has been signed (on August 10, 2009). The parties are India’s Petronet LNG and Australia’s ExxonMobil. The deal is worth $ 20.5 billion.
ExxonMobil will sell around 1.5 million tonnes of liquefied natural gas (LNG) annually to Petronet LNG for 20 years from its Gorgon project.
What is Gorgon project ?
Gorgon project is in western Australia, which have 40 trillion cubic feet of natural gas reserves. The project is basically a joint venture Between Chevron (50 percent), ExxonMobil (25 percent) and Shell (25 percent).