Ironbark gas project sells

ORIGIN Energy has agreed to sell its Ironbark gas project in Queensland to Australia Pacific LNG for $231 million.

Origin, which holds about 37.5 per cent 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 and China’s Sinopec are the other stakeholders in AP LNG.

Origin expects to book a non-cash post-tax impairment of $34 million from the sale in its next half-year results.