ORIGIN Energy and ConocoPhillips are auctioning a stake that could be worth over $1 billion in an Australian gas-export project, moving to bolster funding for construction after agreeing to double its size.
The sales process follows a string of major LNG deals involving Asian companies taking equity in Australian liquefied natural gas projects to secure long-term supplies of clean fuels as their economies grow.
It also underscores confidence that Australia's close proximity to Asia makes the country competitive with rival LNG producers such as Qatar, which is redirecting cargoes eastwards after a shale gas boom dampened interest in LNG in North America.
Australia is poised to overtake Qatar as the world's biggest LNG exporter by the end of the decade, with more than $US175 billion of new terminals being built by energy heavyweights, including Chevron Corp and Royal Dutch Shell.
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The Australian
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