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Origin Energy: Australia LNG Project On Time, Within Budget

SYDNEY -(Dow Jones)- Origin Energy Ltd. (ORG.AU) said Friday there has been no change to the underlying cost estimate of its US$14 billion Australian gas-export joint venture project. "The Australia Pacific LNG project is progressing on schedule to deliver first gas in 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 an e-mailed statement. BG Group PLC (BG.LN), which is building a rival Australian liquefied natural gas project in Queensland state, on Thursday announced a budget overrun of $5.4 billion, or 36%, to $20.4 billion. Origin's project partners are ConocoPhillips (COP) and China Petroleum & Chemical Corp. (0386.HK), or Sinopec. Origin shares were down 2% at 0208 GMT and Santos Ltd. (STO.AU), 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 US$102.54 a barrel. The Origin venture in July gave the green light for construction of their project's first phase, which the Australian energy company said will cost $14 billion to complete. The initial phase will include building the first of two planned LNG processing units, or trains, and some infrastructure to support the second train. A full two-train project is expected to cost $20 billion, Origin said at the time. A spokesman for Santos wasn't immediately available for comment. -By Ross Kelly, Dow Jones Newswires; 61-2-8272-4692; Ross.Kelly@dowjones.com

Stock News for China Petroleum (SNP)
DateTimeHeadline
07/08/201601:10:00Asian Shares Mostly Lower
07/05/201618:34:00ADRs End Down; Oil and Gold Companies Trade Actively
07/05/201601:30:00China Stocks Rise on Reform Hopes
06/17/201608:40:00Spain's Repsol Faces $5.5 Billion Claim From China's Sinopec
04/28/201623:14:00China Petroleum & Chemical Corporation Files 2015 Annual Report...
04/28/201608:19:00Sinopec 2016 First Quarter's Net Profit Increases Over 200% YoY
04/27/201622:00:00Suncor Buys Out Murphy Oil Stake in Canada's Syncrude Oil Sands...
03/29/201609:09:00Sinopec Records Net Profit RMB 43.7 Billion in 2015
03/28/201619:10:00Chinese Bidder for Starwood Has Mysterious Ownership
02/23/201613:57:00Price-Moving China Oil Trades Fan Concerns -- Update
02/23/201611:03:00Price-Moving China Oil Trades Fan Concerns
01/21/201617:56:00ADRs End Mostly Higher; Pearson Rises
01/07/201618:02:00ADRs End Lower; China Firms, Oil Majors Decline
12/30/201517:23:00ADRs End Lower; Oil Majors Decline
12/28/201518:46:00ADRs End Mostly Lower; Oil Majors Decline
12/23/201517:27:00ADRs End Higher; Oil Majors Rise
12/21/201517:40:00Chevron Lines Up Chinese Buyer for LNG From Australia Projects
12/16/201500:08:00Asian Shares Rise Ahead of Fed Decision--2nd Update
12/07/201518:02:00ADRs End Lower; Oil Majors Decline
10/29/201512:07:00Sinopec Announces 2015 Third Quarter Results

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