Nexus has LNG in its sights

NEXUS Energy plans to spend about $1 billion on exploration and development over the next three years, focusing on the Crux field in northern Australia, to prove up enough gas to underpin a liquefied natural gas project.
Nexus has LNG in its sights Nexus has LNG in its sights Nexus has LNG in its sights Nexus has LNG in its sights Nexus has LNG in its sights

"If the gas reserves get large enough, then we won't just be looking at a liquids recycling project, but a potential LNG project," managing director Ian Tchacos told the SEAAOC conference in Darwin yesterday.

Nexus will consider a floating LNG development when it proves up gas reserves of 1.5-3.0 trillion cubic feet.

Crux has 2P (proved and probable) reserves of about 71 million barrels of condensate and about 2Tcf of contingent gas resources. It is expected to produce about 35,000 barrels of condensate per day by late 2010.

A final investment decision for the $1.2 billion Crux project is expected later this year.

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