Goal to make APLNG low cost site

The Observer - - NEWS -

ORI­GIN En­ergy has set an 18-month tar­get to turn its Aus­tralia Pa­cific LNG ven­ture into a low-cost gas ex­port­ing site.

In its half year re­port re­leased this week Ori­gin, which has a 37.5 per cent stake in APLNG, said it ex­pects the Cur­tis Is­land LNG ex­porter to be cash flow break-even this year due to higher spot LNG prices. The re­port con­firmed the en­ergy giant dra­mat­i­cally nar­rowed its half-year loss to

$207 mil­lion, from

$1.56 bil­lion, but has still been weighed down by $533 mil­lion in im­pair­ments.

Chief ex­ec­u­tive Frank Cal­abria said dur­ing the sec­ond half of 2017 the com­pany con­tin­ued to make progress on re­duc­ing debt and bet­ter­ing re­turns.

“We have im­proved earn­ings from en­ergy mar­kets, while Aus­tralia Pa­cific LNG de­liv­ered higher pro­duc­tion and rev­enue,” Mr Cal­abria said.

The re­port, re­leased Wed­nes­day, said APLNG has now shipped more than 200 LNG car­goes.

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