Woodside Petroleum Ltd agreed on key commercial terms with North Asian customers for the supply of liquefied natural gas (LNGLF)
from its 100 percent-owned Pluto gas field
in Western Australia
, AFX reports.
The terms cover combined sales of between 3.5 and 4 million metric tons of LNG a year for 15 years from the end of 2010, with an option to extend for a further five years.
Heads of agreement papers are due to be signed over the next few months with sales and purchase agreements to be negotiated by the end of 2006, according to the report.
The Pluto LNG development is based on the Pluto discovery in permit WA-350-P, 190 km northwest of Karratha in Western Australia
. The field was discovered in April this year.