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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
08/21/201417:18:07ADR Shares End Mixed; Sinopec, ABB Shares Active
07/02/201417:32:10ADR Shares End Mixed; Telefonica, Veolia Environnement Shares...
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06/10/201417:15:09ADR Shares End Mixed
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04/29/201406:10:27ASIA MARKETS: Asia Shares Mixed As Australia Falls From Six-year...
04/29/201405:00:35Asia Markets Mixed as Australia Falls From Six-Year High
04/24/201417:35:36ADR Shares End Mixed; Unilever, AstraZeneca Shares Active
04/04/201417:53:22ADR Shares End Mixed; RBS Shares Active
04/03/201413:36:26Sinopec Said Working With Goldman Sachs on $30 Billion Unit Sale-Bloomberg
02/19/201417:11:34ADR Shares End Lower; Sinopec Shares Active
01/24/201402:58:31BASF, SINOPEC to Build Isononanol Plant in Maoming, China
11/15/201309:01:37HBK Investments LP 3Q 13F: Largest Eliminations
11/15/201309:01:27HBK Investments LP 3Q 13F: Largest Eliminations -2-
11/15/201309:01:27HBK Investments LP 3Q 13F: Largest Sales
11/15/201309:01:27HBK Investments LP 3Q 13F: Largest Purchases
11/13/201310:07:23ASIA MARKETS: Hong Kong Shares Fall On Disappointing China Plenum
10/22/201305:20:05Russia and China Agree on Oil and Gas-Supply Deals
10/01/201316:56:17Brazil Limits Chinese Oil Firms to Joint Bids for Offshore Field
09/20/201317:10:36Brazil's Libra Oil Field Auction Will Have Two or Three Bids...

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