PERTH (miningweekly.com) – ASX-listed Origin Energy has completed the sale of a 10% interest in its Australia Pacific liquefied natural gas (APLNG) project to project partner ConocoPhillips.
ConocoPhillips exercised its pre-emption rights in relation to Origin’s sale of 10% of its shareholding in APLNG, after Origin in October announced it had struck a $2.12-billion agreement with global energy investor EIG to sell a 10% stake in the project.
Origin said at the time that the sale would allow Origin to crystallise some of the significant value created in APLNG, while retaining upside to further value creation through a continuing substantial shareholding.
Origin remains upstream operator and will retain a 27.5% interest.
“We are pleased to complete the sale of a 10% interest in APLNG, enabling Origin to both crystallise some of the value in this world-class asset and strengthen our balance sheet at a time we are seeking to lead Australia’s energy transition towards net-zero emissions,” said Origin CEO Frank Calabria.
“We will continue to work with our partners to support APLNG’s strong performance, as it helps to meet the needs of both LNG and domestic customers on Australia’s east coast.”