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Publish Date : 31-Oct-2011

BG Group PLC, UK based global oil and gas company, inked an $8 billion (Ł5 billion) contract to ship gas from US.

As per the deal, BG Group will purchase 3.5m tonnes of liquefied natural gas (LNG) annually for 20-year from Cheniere Energy Partners, which runs a gas terminal in Louisiana.

As the gas prices in US are low, BG will be able to sell it into additional markets. This deal will allow the reduction in gas prices worldwide.

Sir Frank Chapman, CEO of BG Group said \"This is a ground-breaking agreement for BG Group, giving us first-mover advantage in securing LNG export volumes from the US Gulf Coast.\"

According to Cheniere, which is the lone US operator with a license to export natural gas, the contract is expected to make a profit of $410 million annually.

BG Group stated that, the exports are likely to begin in 2015.

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