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4-Traders Homepage  >  Equities  >  AUSTRALIAN SECURITIES EXCHANGE LIMITED  >  Origin Energy Ltd    ORG   AU000000ORG5

ORIGIN ENERGY LTD (ORG)
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Origin Agrees To Sell Gas To Rival Australian LNG Project

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05/02/2012 | 01:15am CEST

Origin Energy Ltd. (>> Origin Energy Limited) has agreed to sell some of its vast coal seam gas reserves in Australia's Queensland state to a joint venture building a rival gas-export project on the coast.

The Australian company is building its own liquefied natural gas project with ConocoPhillips (COP) and China Petroleum and Chemical Corp. and has proven up more gas reserves than three rival ventures also planning to build LNG plants at the port of Gladstone.

Origin said it will sell some of its gas to Gladstone LNG, a joint venture between Australia's Santos Ltd. (>> Santos Limited), France's Total SA (TOT), Korea Gas Corp. (036460.SE) and Malaysia Petroliam Nasional Bhd.

Under the agreement, Origin will supply Gladstone LNG with 365 petajoules of gas over 10 years from 2015. Origin said the deal, for which a price hasn't been disclosed, gives Origin the option to call back 1.825 petajoules of gas a year during periods of high domestic gas or electricity demand.

The deal will cool analysts' concerns that Santos won't be able to prove up enough gas for its LNG joint venture.

Origin has already agreed to sell gas to BG Group PLC's (BG.LN) rival LNG project at Gladstone.

-By Ross Kelly, Dow Jones Newswires; 61-2-8272-4692; [email protected]

Stocks mentioned in the article : Origin Energy Limited, Santos Limited
Stocks mentioned in the article
ChangeLast1st jan.
CHINA PETROLEUM & CHEMICAL CORP -1.01% 6.83 End-of-day quote.11.42%
CONOCOPHILLIPS -0.78% 65.79 Delayed Quote.19.86%
KOREA GAS CORP --End-of-day quote.
ORIGIN ENERGY LTD -1.47% 9.38 End-of-day quote.-0.42%
SANTOS LTD 0.00% 6 End-of-day quote.10.09%
TOTAL 0.68% 50.64 Real-time Quote.9.98%
TOTAL -0.80% 50.2375 Delayed Quote.8.32%
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EBIT 2018 1 618 M
Net income 2018 581 M
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Frank Calabria Chief Executive Officer, Director & MD
Gordon McKellar Cairns Independent Non-Executive Chairman
Greg Jarvis Executive GM-Energy Supply & Operations
Lawrence John Tremaine Chief Financial Officer
Carl McCamish Executive GM-Technology, Risk & Transformation
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