Origin Energy on Tuesday announced that its joint venture with ConocoPhillips, Australia Pacific LNG, had secured the Laird Point site on Curtis Island in the Port of Gladstone from the State Government as the site for its proposed Liquefied Natural Gas (LNG) plant.
Australia Pacific LNG is a 50:50 coal seam gas (CSG) to LNG joint venture between Origin and ConocoPhillips.
Australia Pacific LNG also Tuesday released results from a detailed independent analysis of the economic benefits of the project by KPMG Econtech which highlights the significant number of jobs the project would create.
Origin Managing Director Grant King said Tuesday's announcement on Laird Point and the KPMG Econtech analysis highlighted the contribution that a project of this scale could make to the Queensland and national economies.
King said, "The Australia Pacific LNG joint venture between Origin and ConocoPhilips is well established and working effectively towards the development of a CSG to LNG project in Queensland.
"Australia Pacific LNG reported a 52 percent increase in reserves at a Proved and Probable (2P) level from 4,793 petajoules equivalent (PJe), in the financial year 2008, to 7,265 PJe to 30 June 2009. This reserves increase demonstrates the size and quality of the CSG resource available to Australia Pacific LNG.
"With the largest CSG reserves in the country, the announcement of the site for the Australia Pacific LNG plant at Laird Point is another significant milestone in the development of the project as we move towards the Final Investment Decision proposed for the end of 2010 and the first production train which is planned to be completed by the end of 2014," King said.
Origin Energy is Australasia's leading integrated energy company focused on gas and oil exploration and production, power generation and energy retailing. Listed in the ASX top 20 the company has approximately 4,000 employees, is a leading producer of gas in eastern Australia, is the largest owner and developer of gas-fired electricity generation in Australia and is a leading wholesaler and retailer of energy. The company services more than 3.5 million electricity, natural gas and LPG customers across Australia, New Zealand and the Pacific. Origin's strategic positioning and portfolio of assets provide flexibility, stability and significant opportunities for growth in the ever changing energy industry. Through Australia Pacific LNG, its 50:50 incorporated joint venture with ConocoPhillips, Origin is developing one of Australia's largest CSG to LNG projects based on Australia's largest CSG reserves base. In New Zealand, Origin is the major shareholder in Contact Energy, the country's leading integrated energy company, operating geothermal, thermal and hydro generation facilities and servicing electricity, gas and LPG customers across both the North and South islands. Origin also operates several oil and gas projects in New Zealand and is one of the largest holders of petroleum exploration acreage in the country.