The move reduces all the partner's shares with ConocoPhillips interest falling from 64.14% to 56.7%. ENI SpA's stake reduces to 12.04% from 12.32%, Inpex Corp.'s drops to 10.53% from 11.71% and Santos stake falls to 10.63% from 11.83%.
The two Japanese companies have contracted to buy nearly all the production from the Bayu-Undan LNG project with a first-stage development of the field due to start offshore gas liquids production in early 2004.
The Bayu-Undan field is located 500km offshore from Darwin, and 250km off the south coast of East Timor. In addition to 3.4 trillion cubic feet of natural gas the field has reserves of about 400 million barrels of condensate and LPG.
The condensate and LPG are to be shipped from an offshore facility for sale from first quarter 2004. The LNG is to be shipped from Darwin for sale to TEPCO (2 million tons per year) and Tokyo Gas (1 million tons per year) from the first quarter 2006.
