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

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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; Ross.Kelly@dowjones.com

Stocks mentioned in the article : Origin Energy Limited, Santos Limited
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Financials ( AUD)
Sales 2017 12 376 M
EBIT 2017 985 M
Net income 2017 558 M
Debt 2017 8 622 M
Yield 2017 0,61%
P/E ratio 2017 18,29
P/E ratio 2018 10,85
EV / Sales 2017 1,49x
EV / Sales 2018 1,32x
Capitalization 9 784 M
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Mean consensus OUTPERFORM
Number of Analysts 13
Average target price 6,35  AUD
Spread / Average Target 14%
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NameTitle
Grant Alfred King Managing Director & Executive Director
Gordon McKellar Cairns Independent Non-Executive Chairman
Gary Mallett Chief Financial Officer
Carl McCamish Executive GM-People & Technology Property
Helen M. Nugent Independent Non-Executive Director
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