Following the authorities' approval, GDF SUEZ and Santos finalised their partnership to develop a floating LNG project in the Bonaparte Basin (Bonaparte LNG). The two companies will set up a joint venture to develop and operate the facility with a capacity of 2.7 bcm/year of LNG by 2018. GDF SUEZ will have 60% of the project. The terminal will be supplied by gas from the Petrel, Tern and Frigate natural gas fields while the output will be shipped to markets in the Asia-Pacific region. As part of the project, Santos has agreed to sell a 60% interest in the Petrel, Tern and Frigate offshore gas fields to GDF SUEZ ($200m) who will become operator in 2011. These fields are located in the Timor/Bonaparte Basin, one of Australias most significant gas provinces and an active region for LNG developments. A 3-year phase with new drilling campaign as from end-2010 will precede the final investment decision.