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CNOOC to acquire stake in QCLNC from BG for US$1.93 billion

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+ Please refer to the PDF download for complete analysisBG has negotiated an HOA for the sale of a 20% stake in its QC LNG asset in Australia to CNOOC for US$1.93 million and a long term 5 mmtpa supply contract from BG to CNOOC starting in 2015. Under our base case scenario, we value an incremental 20% stake in the QCLNG project at US$1.71 billion (NPV10, as of 1 January 2012). However our valuation suggests CNOOC may have paid a premium given that BG has retained ownership of the export ...

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    CNOOC to acquire stake in QCLNC from BG for US$1.93 billion

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  • Oil & gas pricing and assumptions

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