Total: Gladstone LNG Project In Australia Ships First LNG Cargo

(RTTNews) - French oil and gas giant Total SA (TTA.L, TTFNF.PK, TOT), which holds a 27.5 percent stake in the Gladstone LNG project in Australia, announced Friday that the first shipment of liquefied natural gas or LNG from the Gladstone LNG project has been loaded and is now on its way to South Korea.

The plant at Curtis Island will produce 7.2 million tons of LNG per year once at full capacity. All production from the plant will be sold under long-term contracts to Asian buyers, notably in South Korea and in Malaysia.

The project, located in Queensland, Australia, comprises the development of several onshore coal bed methane fields in the Surat and Bowen basins, a 420 kilometer gas transmission pipeline and a two-train liquefaction plant on Curtis Island, near Gladstone.

Along with Total, partners Santos holds 30 percent stake in the Gladstone LNG project, Petronas 27.5 percent and KOGAS 15 percent stake.

Arnaud Breuillac, President Exploration & Production, "Gladstone LNG is a major milestone for our activity in Australia, marking the beginning of the Group's LNG production in the country. As the Group's sixth start-up of the year, the project will also contribute to our production growth in 2015. We are continuing to develop LNG assets in Australia with the Ichthys project, expected to start up in 2017."

In Paris, Total shares were gaining 1.6 percent to trade at 45.83 euros.