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Bought 5% of Walloons Fairway assets in Surat Basin, Queensland, Australia.

China National Offshore Oil Corp., Beijing, China, (NYSE: CEO) has acquired a 5% interest in certain assets in the Walloons Fairway of the Surat Basin in Queensland from BG Group Plc, Berkshire, U.K., (London: BG) for an undisclosed price. CNOOC will purchase 3.6 million tonnes per annum of LNG for a period of 20 years from the start-up of BG Group's Queensland Curtis LNG project. CNOOC will become a 10% equity investor in one of the two liquefaction trains and BG Group and CNOOC will jointly participate in a consortium formed to construct two LNG ships in China that would be owned by the consortium.