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CPC acquires a 5% interest in production from Australia’s Prelude gas field

CPC acquires a 5% interest in production from Australia’s Prelude gas field

CPC now holds a 5% interest in production from the Prelude gas field, acquired through a joint venture with Shell Development (Australia) Proprietary Limited. This move will enable CPC to expand its petroleum and gas resources and maintain supply. Prelude is expected to annually produce 3.6 million tonnes of LNG and 400,000 tonnes of LPG as well as 35,000 bpd of condensate. Shell holds a 67.5% interest in Prelude production while INPEX, KOGAS and CPC hold 17.5%, 10% and 5% interests respectively.
CPC indicated that the project includes both the Prelude and Concerto gas fields, where the world’s first Floating Liquefied Natural Gas (FLNG) facility will be deployed. The FLNG facility integrates the gas production cycle by lowering the cost of underwater pipelines and onshore facilities, which in turn delivers a reduced environmental impact.
It took two and a half years intensive effort by CPC to finalize the whole project, all the way through technical evaluation, negotiation and government approval. The acquisition highlights CPC’s success in forming joint-ventures with international enterprises and provides a good example of how it is expanding both domestic and international petroleum exploration.