Phillips Petroleum Co. has signed a heads of agreement to supply liquefied natural gas from the Bayu-Undan gas field in the Timor Sea to two Japanese utilities. Under the agreement, Tokyo Electric Power Co. and Tokyo Gas Co. will buy three million metric tons a year of LNG over 17 years from January 2006. The LNG will be supplied from a plant to be built near Australia’s Darwin city using feedstock transported from the Bayu-Undan resource through an undersea pipeline. The LNG project, pipeline and associated costs are expected to reach USD 3 billion, Phillips said.
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