TotalEnergies has completed a transaction with GIP Australia (GIP) in relation to the downstream facilities of the Gladstone LNG project owned by its subsidiary Total GLNG Australia (TGA), for a consideration of more than US$750 million, with effective date 1 January 2021.
As part of this transaction, GIP will receive a throughput-based tolling fee calculated on TGA’s share of gas processed through the downstream facilities over a period of 15 years.
TGA retains full control and ownership of its 27.5% interest in the Gladstone LNG Downstream Joint Venture.
“We have worked closely with GIP to achieve this infrastructure transaction and are happy of this first collaboration with such an experienced infrastructure partner. This monetisation of infrastructure assets contributes to focusing further TotalEnergies’ capital on core producing assets and fully reflects TotalEnergies’ active portfolio management”, declared Jean-Pierre Sbraire, Chief Financial Officer at TotalEnergies.
The Gladstone LNG project
The integrated LNG project consists of producing natural gas from the Fairview, Arcadia, Roma and Scotia fields, located in the Bowen-Surat Basin in Queensland, Australia.
The project also includes transporting the gas over approximately 400 km to a gas liquefaction plant in the industrial port of Gladstone, northeast of Brisbane, on the eastern coast of Australia. The Gladstone LNG liquefaction plant consists of two trains with a total nameplate capacity in excess of 7.8 million tpy.
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.
TotalEnergies’ activities in Australia
For over 60 years, TotalEnergies has developed in Australia a range of activities spanning the spectrum of the energy industry. TotalEnergies is involved in two major Australian LNG projects: Gladstone LNG on Curtis Island, on stream since 2015, and Ichthys LNG in Darwin, operational since 2018.
Total Eren (TotalEnergies 30%) commissioned the Kiamal 250 MW solar PV power plant, the largest in the state of Victoria. SunPower Corp. (TotalEnergies 57%) is focusing on distributed generation in residential segment and commercial segment. Total Gas & Power Australia has an electricity retail license and is also developing 100MW/100 MWh Energy Storage Scheme (ESS) projects in Victoria.
