BG writes down $9bn in LNG assets on oil slide

Original article by Matt Chambers
The Australian – Page: 20 : 4-Feb-15

The recent rapid decline in the global crude oil price continues to affect the LNG sector in Australia. BG Group has been forced to announce provisioning worth $US6.8bn ($A8.87bn) for its Queensland Curtis LNG (QCLNG) project at Gladstone. Another factor in the writedown was the divestment of the pipeline bringing feedstock gas to the plant, to APA Group. BG owns some three quarters of the QCLNG operation. The rival Gladstone LNG and Australia Pacific LNG developments are lead managed by Santos and Origin Energy respectively, which may also soon announce impairments

CORPORATES
BG GROUP PLC, APA GROUP – ASX APA, SANTOS LIMITED – ASX STO, ORIGIN ENERGY LIMITED – ASX ORG, QUEENSLAND CURTIS LNG PTY LTD, GLADSTONE LNG PTY LTD, AUSTRALIA PACIFIC LNG LIMITED, SCHLUMBERGER LIMITED, BHP BILLITON LIMITED – ASX BHP, CONOCOPHILLIPS, GORGON JOINT VENTURE, CHEVRON AUSTRALIA PTY LTD, CHEVRON CORPORATION, MOBIL AUSTRALIA RESOURCES COMPANY PTY LTD, EXXONMOBIL CORPORATION, SHELL DEVELOPMENT (AUSTRALIA) PTY LTD, ROYAL DUTCH SHELL PLC

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