THE door remains open for the development of a third stage expansion of the Asia Pacific export gas project launched by Origin Energy and ConocoPhillips, as the venture moves closer to a final investment decision on the second phase expansion.
The partners announced yesterday that binding agreements had been reached with Sinopec for the sale of an additional 3.3 million tonnes of gas annually, coupled with the sale of a further 10 per cent equity in the project to the Chinese company for $1.1 billion, raising its total stake to 25 per cent.
Once government approvals are in place, probably in the next few months, a final decision is expected to be made to proceed with the second phase. This will boost exports to 9 million tonnes annually.
SMH
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