LAWSUITS NEWS & LEGAL INFORMATION
Gas Storage Tanks
Los Angeles, CA: (Jan-24-08) CNOOC Ltd. brought charges against Talisman Energy Inc., over issues related to Indonesia's Tangguh LNG project. Sources close to the case stated that the two parties had reached a settlement, aimed at resolving the dispute. Under the settlement agreement, Talisman will pay $40 million to CNOOC for a 2% stake in the BP PLC-led project, which will supply CNOOC's Fujian LNG terminal. According to reports sent through Talisman's Fortuna Resources unit, Talisman had claimed the right to 44% of CNOOC's 17% interest in the Tangguh project.
CNOOC officials claimed that the settlement coincided CNOOC's building two new gas storage tanks at its Fujian LNG terminal. The two tanks, expected to be completed in 2011, will boost the terminal's storage capacity to 640,000 cu m. CNOOC signed a deal in 2006 to source gas for the Fujian terminal from BP's Tangguh field in Indonesia, which is due to start operating in 2009. [OIL AND GAS JOURNAL: BUSINESS DISPUTE]
Published on Jan-26-08
CNOOC officials claimed that the settlement coincided CNOOC's building two new gas storage tanks at its Fujian LNG terminal. The two tanks, expected to be completed in 2011, will boost the terminal's storage capacity to 640,000 cu m. CNOOC signed a deal in 2006 to source gas for the Fujian terminal from BP's Tangguh field in Indonesia, which is due to start operating in 2009. [
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