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)