Australia's Origin Energy Ltd. on Feb. 19 said it had agreed to sell its Ironbark gas project in the state of Queensland to Australia Pacific LNG Pty Ltd. (AP LNG) for A$231 million (US$164.43 million).
Origin, which holds about 37.5% of AP LNG, said in a statement that it would remain responsible for the development of Ironbark due to its role as an upstream operator for AP LNG.
ConocoPhillips Co. (NYSE: COP) and China's Sinopec (NYSE: SNP) are the other stakeholders in AP LNG.
Origin expects to book a non-cash post-tax impairment of A$34 million from the sale in its next half-year results. (US$1 = A$1.4049)
Recommended Reading
Texas LNG Export Plant Signs Additional Offtake Deal With EQT
2024-04-23 - Glenfarne Group LLC's proposed Texas LNG export plant in Brownsville has signed an additional tolling agreement with EQT Corp. to provide natural gas liquefaction services of an additional 1.5 mtpa over 20 years.
US Refiners to Face Tighter Heavy Spreads this Summer TPH
2024-04-22 - Tudor, Pickering, Holt and Co. (TPH) expects fairly tight heavy crude discounts in the U.S. this summer and beyond owing to lower imports of Canadian, Mexican and Venezuelan crudes.
What's Affecting Oil Prices This Week? (April 22, 2024)
2024-04-22 - Stratas Advisors predict that despite geopolitical tensions, the oil supply will not be disrupted, even with the U.S. House of Representatives inserting sanctions on Iran’s oil exports.
Association: Monthly Texas Upstream Jobs Show Most Growth in Decade
2024-04-22 - Since the COVID-19 pandemic, the oil and gas industry has added 39,500 upstream jobs in Texas, with take home pay averaging $124,000 in 2023.
Shipping Industry Urges UN to Protect Vessels After Iran Seizure
2024-04-19 - Merchant ships and seafarers are increasingly in peril at sea as attacks escalate in the Middle East.