TotalEnergies frees up capital from Aussie LNG plant
France's TotalEnergies has transferred operations of the downstream facilities of its Gladstone LNG Project to Global Infrastructure Partners (GIP) for more than $750mn, with effect from January 1, 2021, it said July 13.
In March, Anglo-Dutch Shell reached a similar agreement with GIP for its Queensland LNG plant.
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As part of the TotalEnergies transaction, GIP will receive a throughput-based tolling fee calculated on TotalEnergies' share of gas processed through the downstream facilities over a period of 15 years. TotalEnergies retains full control and ownership of its 27.5% interest in the Gladstone LNG downstream joint venture.
TotalEnergies said it had "worked closely with GIP to achieve this infrastructure transaction" and was happy with this collaboration. "This monetisation of infrastructure assets contributes to focusing further TotalEnergies’ capital on core producing assets and fully reflects TotalEnergies’ active portfolio management”, said the French company's CFO Jean-Pierre Sbraire.
The Gladstone LNG project consists of producing natural gas from the Fairview, Arcadia, Roma and Scotia fields, located in the Bowen-Surat Basin in Queensland, Australia and transporting it 400 km to a gas liquefaction plant in the industrial port of Gladstone on the eastern coast of Australia. The Gladstone LNG liquefaction plant consists of two trains with a total nameplate capacity in excess of 7.8mn metric tons/year.
The downstream facilities mainly comprise the gas transportation system and the two-train gas liquefaction plant. The Gladstone LNG Project has been exporting LNG since 2015.