LNG Ltd Looks at Projects Outside Australia

Liquefied Natural Gas Ltd. (LNG), backed by China National Petroleum Corp., is considering LNG projects outside Australia after estimating that its Queensland state venture would cost less than half that of other plants, Bloomberg has reported.

The news agency, citing company statement, said that Fisherman’s Landing project is expected to cost $1.7 billion and produce 3.8 million metric tons of LNG a year. That’s a cost of $450 per ton of annual output, or less than half the cost being reported for other LNG projects in Australia, it said.

“That provides us with increased confidence to look at other opportunities outside Australia,” Managing Director Maurice Brand told Bloomberg in a phone interview. “I would prefer those opportunities are pursued jointly with our partner,” he said, declining to discuss any specific plans.

LNG Ltd., about 20 percent-owned by CNPC unit China Huanqiu Contracting & Engineering Corp., is planning to reach a decision on whether to go ahead with the project next year.