By Ross Kelly
SYDNEY--Two multibillion dollar gas-export projects in Australia's Queensland state have joined forces to swap natural gas resources and connect key transport pipelines in a bid to cut costs and improve resource availability.
The Australia Pacific LNG project--a joint venture between Origin Energy Ltd. (ORG.AU), ConocoPhillips (COP) and China Petrochemical Corp.--forged the co-operation agreement with the Gladstone LNG venture, which includes Santos Ltd. (STO.AU), Total SA (TOT) and Petroliam Nasional Bhd (PET.YY).
Two pipeline connection points will be built between both projects' infrastructure, allowing them to share natural gas resources when desired, the ventures said in a joint statement.
The agreement will save the projects from having to construct around 140 kilometers of pipeline in total, the parties said. The projects, currently under construction, are aiming to ship their first cargos of liquefied natural gas to Asian utilities in 2015.
Write to Ross Kelly at firstname.lastname@example.org
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(END) Dow Jones Newswires
October 24, 2013 20:12 ET (00:12 GMT)Copyright (c) 2013 Dow Jones & Company, Inc.
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