One of those projects is the Senoro LNG Project in Central Sulawesi, Indonesia and the other is the Qeshm LNG Project in Iran.

In Indonesia, LNG’s wholly owned subsidiary LNG International together with its joint venture partner PT Maleo Energi Utama, executed an exclusivity agreement (EA) with the Senoro-Toili gasfield owner’s PT Petamina and PT Medco E&P Tomori Sulawesi.

During the term of the EA LNG has the exclusive right to 800 billion cubic feet of gas from the field.

The EA includes prescribed conditions to be addressed by the company and the field’s owners, after which the parties enter into a 20-year gas supply agreement for the supply of 120 million cfd of gas to the company.

Subject to negotiation of a definitive gas supply agreement the gas will be used as feedstock for the company’s proposed 750,000 a year LNG production plant to be built near the town of Luwuk.

The gas supply agreement will be will need to be approved by BP MIGAS, the Indonesian Government agency for upstream oil and gas activities.

Gas from the Senoro LNG Project is targeted for Asian markets with the company progressing negotiations with a number of potential customers in four different countries.

In Iran LNG International executed a heads of agreement with the Qeshm Free Area Authority.

Qeshm Island is located in the Straits of Hormuz at the mouth of the Persian Gulf with easy shipping access to the sub-continent, east African and west Asian regions.

LNG is in advanced negotiations to access four million cubic metres of gas a day from more than 20 years from already producing onshore gasfields on and near Qeshm Island.

As in Senoro, Indonesia, the gas from these fields will be used as feedstock for a 750,000 tonne a year LNG production plant on Qeshm Island, one of Iran’s free trade zones.

The company has already signed heads of agreement with two Indian companies, GMR Energy and Southern Petrochemical Industries Corporation for the supply of 240,000 tonnes of LNG and 360,000 tonnes of LNG a year respectively.

LNG also has a memorandum of understanding with the London and Irish stock exchange-listed Aminex to negotiate a collaboration agreement in relation to gasfield and LNG production.