The dust may be settling from the "Gorgon frenzy" of term deals locked in over the past month, but rumblings are emerging over the LNG price accepted by PetroChina (WGI Sep.l6,p2).The China Oil, Gas and Petrochemicals (OGP), owned by state agency Xinhua, last week termed PetroChina's deal with Exxon Mobil a "reckless purchase." OGP derived an LNG price of US$17.25 per million Btu by working back from Resources Minister Martin Ferguson's claim that the 20-year, 2.25 million ton per year contract is worth A$50 billion (US$41 billion).
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