- BP says it would be difficult to move ahead with financing for a planned third liquefied natural gas train at its Tangguh project in West Papua, Indonesia, without buyers for the remaining 1.3M metric tons of annual production from the plant.
- Prospects for new LNG developments globally have been hurt by the fallout from the 50% drop in oil prices since last June, and BP's country head at Indonesia says that so far it had found buyers for only 2.5M metric tons of expected output from Train 3.
- BP says a total of 7.6M tons/year of LNG from the first two Tangguh trains has been fully committed, while it will review its final investment decision for the $12B Train 3 project after a Front End Engineering Design has been completed at the end of 2015 or early 2016.
- Other partners in the Tangguh project in Bintuni Bay include China's Cnooc (NYSE:CEO) and several Japanese groups.