Origin Announces Australia Pacific LNG Site

Source: www.gulfoilandgas.com 8/18/2009, Location: Not categorized

Origin Energy announced that its joint venture with ConocoPhillips, Australia Pacific LNG, had secured the Laird Point site on Curtis Island in the Port of Gladstone from the State Government as the site for its proposed Liquefied Natural Gas (LNG) plant.

Australia Pacific LNG is a 50:50 coal seam gas (CSG) to LNG joint venture between Origin and ConocoPhillips.

Australia Pacific LNG also released results from a detailed independent analysis of the economic benefits of the project by KPMG Econtech which highlights the significant number of jobs the project would create.

Origin Managing Director Grant King said today’s announcement on Laird Point and the KPMG Econtech analysis highlighted the contribution that a project of this scale could make to the Queensland and national economies.

Mr King said, “The Australia Pacific LNG joint venture between Origin and ConocoPhilips is well established and working effectively towards the development of a CSG to LNG project in Queensland.

“Australia Pacific LNG reported a 52 per cent increase in reserves at a Proved and Probable (2P) level from 4,793 petajoules equivalent (PJe), in the financial year 2008, to 7,265 PJe to 30 June 2009. This reserves increase demonstrates the size and quality of the CSG resource available to Australia Pacific LNG.

“With the largest CSG reserves in the country, the announcement of the site for the Australia Pacific LNG plant at Laird Point is another significant milestone in the development of the project as we move towards the Final Investment Decision proposed for the end of 2010 and the first production train which is planned to be completed by the end of 2014,” Mr King said.


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