Log in
Lost password
Become a member for free
Sign up
Sign up
Dynamic quotes 

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

News SummaryMost relevantAll newsSector news 

Origin Energy: Australia LNG Project On Time, Within Budget

05/03/2012 | 10:30pm US/Eastern

Origin Energy Ltd. (>> Origin Energy Limited) said Friday there has been no change to the underlying cost estimate of its US$14 billion Australian gas-export joint venture project.

"The Australia Pacific LNG project is progressing on schedule to deliver first gas in 2015 and there has been no change in the cost of the underlying activities for the project, based on currency splits at the time of (final investment decision)," a spokeswoman for Origin said in an e-mailed statement.

BG Group PLC (BG.LN), which is building a rival Australian liquefied natural gas project in Queensland state, on Thursday announced a budget overrun of $5.4 billion, or 36%, to $20.4 billion.

Origin's project partners are ConocoPhillips (COP) and China Petroleum & Chemical Corp. (0386.HK), or Sinopec.

Origin shares were down 2% at 0208 GMT and Santos Ltd. (>> Santos Limited), which is involved in another rival LNG project, was down 3.5% .

The share price declines also come after West Texas Intermediate crude settled 2.6% lower Thursday at US$102.54 a barrel.

The Origin venture in July gave the green light for construction of their project's first phase, which the Australian energy company said will cost $14 billion to complete. The initial phase will include building the first of two planned LNG processing units, or trains, and some infrastructure to support the second train.

A full two-train project is expected to cost $20 billion, Origin said at the time.

A spokesman for Santos wasn't immediately available for comment.

-By Ross Kelly, Dow Jones Newswires; 61-2-8272-4692; Ross.Kelly@dowjones.com

Stocks mentioned in the article : Origin Energy Limited, Santos Limited
React to this article
Latest news on ORIGIN ENERGY LTD
11/25DJASIA MARKETS : Nikkei Snaps Winning Streak As Tensions Drag On Asian Stocks
11/25DJMost Asian Shares Fall; Overnight Gains in Oil Lifts Energy Sector--4th Updat..
11/25DJMost Asian Shares Fall; Overnight Gains in Oil Lifts Energy Sector--3rd Updat..
11/24DJMost Asian Shares Fall
11/20 Falcon Oil & Gas Ltd. - Successful Drilling of Amungee NW-1H Horizontal Well
11/17 ORIGIN ENERGY : Karen Moses to retire from Origin in 2016
11/04 ORIGIN ENERGY : Senex Energy: Monthly Drilling Report October 2015
11/04 ARMOUR ENERGY : Regulatory Approval Received for Transfer of Roma Shelf Assets t..
10/29 ORIGIN ENERGY : expects APLNG start-up "within a month"
10/29 ORIGIN ENERGY : Armour Energy: Quarterly Activities Report For The Period Ended ..
News chart
Full-screen chart
Income Statement Evolution
More Financials