The equity agreement underpins the $25 billion gas deal ratified last week in Canberra, which will see the NWS export about 3.3 million metric tonnes of liquefied natural gas for 25 years to Guangdong province, starting in 2005.
"The intention is that a separate joint venture within the totality of the North West Shelf venture, which we're calling China LNG, will be established," said the president of the Australia LNG, Arthur Dixon.
"It is intended CNOOC will take a 25% share of that piece of the greater North West Shelf.
"In aggregate that will put them at about 5 or 6% interest in the title of the North West Shelf."
