TotalEnergies has completed a transaction in Australia with the US equity fund Global Infrastructure Partners in relation to the downstream facilities of the Gladstone LNG project in Queensland for a sum of more than US$750 million.
The downstream assets are owned by TotalEnergies subsidiary Total GLNG Australia (TGA).
“As part of this transaction, GIP will receive a throughput-based tolling fee calculated on TGA’s share of gas processed through the downstream facilities over a period of 15 years,” explained TotalEnergies.
TGA retains full control and ownership of its 27.5 percent interest in the Gladstone LNG downstream joint venture.
“We have worked closely with GIP to achieve this infrastructure transaction and are happy of this first collaboration with such an experienced infrastructure partner,” said Jean-Pierre Sbraire, Chief Financial Officer at TotalEnergies.
Monetization
“This monetization of infrastructure assets contributes to focusing further TotalEnergies’ capital on core producing assets,” he added.
The Gladstone LNG plant, operated by Adelaide-based Santos, is one of three coal-seam-gas to-LNG ventures on Curtis Island near the port of Gladstone.
The other GLNG project partners are Malaysian oil and gas company Petronas and Korea Gas Corp
The integrated LNG project consists of CSG gas wells producing feed gas from the Fairview, Arcadia, Roma and Scotia fields, located in the onshore Bowen-Surat Basin in Queensland.
The GLNG plant and the neighbouring Shell-operated Queensland Curtis facility and the ConocoPhillips-run Australia-Pacific plant ship cargoes to Asia, mainly China, South Korea and Japan.
The GLNG project includes pipeline transportation of the CSG over a distance of around 400 kilometres to the liquefaction plant.
The plant, which has been on stream since 2015, consists of two Trains with a total nameplate capacity in excess of 7.8 million tonnes per annum.
