Origin Energy Limited (Origin) advises it has completed the sale of a 10 per cent interest in Australia Pacific LNG to ConocoPhillips. Net proceeds from the transaction are $2 billion, after adjustments.
Origin and ConocoPhillips retain their existing seats on the Australia Pacific LNG board. The divestment of a 10 per cent interest does not change Origin’s role as upstream operator of Australia Pacific LNG, responsible for the upstream exploration, development and production activities.
The Australia Pacific LNG joint venture shareholders now comprise ConocoPhillips (47.5 per cent), Origin (27.5 per cent) and Sinopec (25 per cent).
Origin CEO Frank Calabria said, “We are pleased to complete the sale of a 10 per cent interest in Australia Pacific LNG, enabling Origin to both crystallise some of the value in this world-class asset and strengthen our balance sheet at a time we are seeking to lead Australia’s energy transition towards net zero emissions. We will continue to work with our partners to support Australia Pacific LNG’s strong performance, as it helps to meet the needs of both LNG and domestic customers on Australia’s east coast.”