SYDNEY, Dec 24 (Reuters) - Australia's AGL Energy AGL.AX has agreed to sell 254 petajoules of gas to Santos Ltd STO.AX and its partners for the $18.5 billion Gladstone liquified natural gas project (GLNG), AGL said on Thursday.
The Santos-led project is the second of seven new Australian developments putting the country on track to overtake Qatar as the world's top LNG exporter in the next three years. urn:newsml:reuters.com:*:nL3N12F6KT
The gas, sourced from coal seam gas fields in Queensland, will be supplied over a period of 11 years, beginning January 2017 with pricing based on an oil-linked formula, AGL said in a statement.
This is AGL's third sale of gas from its wholesale gas portfolio and the first long-term sale to the GLNG project.