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)
What's Affecting Oil Prices This Week? (March 27, 2023)
2023-03-27 - While still facing some headwinds, Brent crude prices have recovered a portion of the significant downturn that occurred last week, ending the week at $74.99 after closing the previous week at $72.97.
What's Affecting Oil Prices This Week? (April 24, 2023)
2023-04-24 - The price of Brent crude ended the week at $81.58 and the price of WTI ended the week at $77.87.
Oil Falls 2% as U.S. Dollar Strengthens on Fed Rate Hike Expectations
2023-04-19 - Global stock markets also fell, while a rally in the U.S. dollar gained momentum.
Oil Prices Steady On Uncertain Global Outlook and Supply Concerns
2023-04-24 - Brent crude slipped to $81.44/bbl and U.S. West Texas Intermediate crude was down at $77.77.
Oil Gains After IEA Sees Demand Rising to Record High
2023-04-14 - The IEA said world oil demand is set to grow by 2 MMbbl/d in 2023 to a record 101.9 MMbbl/d, driven in most part by stronger Chinese consumption after the lifting of COVID restrictions.