China pours additional $2b into Queensland Curtis LNG

The China National Offshore Oil Corporation has invested an additional $1.9 billion in the BG Group's Queensland Curtis Island LNG project (QCLNG), increasing its stake from 5% to 25%.

"Our relationship with CNOOC has grown as they increase their investment in our QCLNG project, and BG Group becomes the largest supplier of LNG to the world's fastest growing energy market," said Chris Finlayson of BG.

"Today's agreements exemplify our strategy to manage our portfolio more actively, monetise assets at different stages in their life cycle and bring in key partners to accelerate value delivery."

The gas will be ready for export next year, being sent to the Curtis Island liquefied natural gas plant via a 540km buried pipeline network.

QCLNG will be the world's first project to turn gas from coal seams into LNG.