The ConocoPhillips-operated Australia Pacific LNG project is moving closer towards first production with the upstream component 97 percent complete, and the downstream part of the project 92 percent complete.
“Work on the Australia Pacific LNG project is nearing completion and the project remains on track to commence sustained production from Train 1 from the second quarter of the 2016 financial year and from Train 2 approximately six months later,“ Origin Energy Chairman, Gordon Cairns said in a statement on Thursday.
Origin, which holds a 37.5 percent in the $25 billion APLNG project, reported a statutory loss of $658 million for the year ended June 2015 due to lower oil prices and impairments.
The company’s cash contribution to Australia Pacific LNG was $2.2 billion during the period.
At 30 June, $25 billion had been spent by Australia Pacific LNG and estimated costs to complete are not expected to be materially different from budget, Origin said in the statement.
The APLNG project is a joint venture between ConocoPhillips (37.5%), Origin (37.5%), and Sinopec (25%).
The LNG facility on Curtis Island off the coast of Gladstone, will have two production trains with the ability of processing up to 9 million tonnes per annum.
LNG World News Staff; Image: Origin Energy