PERTH (miningweekly.com) – Australian oil and gas resources major Origin Energy on Friday reported that it had completed the 90-day operational phase of the two-train project finance lenders' test at the Australia Pacific liquefied natural gas (APLNG) project, in Queensland.
Origin noted that all other elements of the project finance completion tests were on track, and formal certification that the finance lenders requirements had been satisfied would be provided during the first quarter of 2018.
CEO Frank Calabria told shareholders that when the formal certifications were received, the remaining $3.4-billion of shareholder guarantees relating to APLNG’s $8.5-billion project finance facility would be formally released.
During the 90-day period, APLNG achieved high operational performance across all key metrics associated with the test. The facility produced on average more than 10% above nameplate capacity, with high thermal efficiencies and minimal downtime.
“This outstanding result underscores the quality of APLNG’s resources and facilities and is a credit to our joint venture partners and in particular, all those people who work tirelessly across the downstream and upstream operations,” Calabria said.