Origin Energy Ltd. ASX:ORG Upgraded
Origin Energy Ltd. said Friday there is no change to the underlying cost estimate of its US$14-B Australian Gas-export Joint Venture project.
“The Australia Pacific LNG project is progressing on schedule to deliver 1st Gas in Y 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 a statement.
BG Group PLC (LN:BG), which is building a rival Australian liquefied natural gas (LNG) project in Queensland state, on Thursday announced a budget overrun of $5.4-B or 36%, to $20.4-B.
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Origin’s project partners are ConocoPhillips (NYSE:COP) and China Petroleum & Chemical Corp. (HK:0386), or Sinopec.
Origin shares were down 2% at 0208 GMT and Santos Ltd. (AU:STO), 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 102.54 bbl.
The Origin venture in July gave the Green Light for construction of their project’s 1st phase, which the Australian energy company said will cost $14-B to complete.
The initial phase will include building the 1st of 2 planned LNG processing units, trains, and some infrastructure to support the 2nd train.
A full 2-train project is expected to cost $20-B, Origin said.
A spokesman for Santos Ltd. was not immediately available for comment.
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