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Operational phase of APLNG lenders’ test complete

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LNG Industry,

Origin Energy Ltd has released a statement confirming that Australia Pacific LNG (APLNG) has concluded the 90-day operational phase of the two-train project finance lenders’ test.

The company claims that all other elements of the project finance completion tests are on track, and that APLNG expects to receive formal certification that they have been satisfied in 1Q18.

Once these formal certifications have granted, the remaining US$3.4 billion of shareholder guarantees relating to APLNG’s US$8.5 billion project finance facility will be formally released.

Over the course of the 90-day period, APLNG reportedly attained high operational performance across all key metrics associated with the test. On average, the facility produced 10% over nameplate capacity with high thermal efficiency and minimal downtime.

The CEO of Origin, Frank Calabria, said: “This outstanding result underscores the quality of Australia Pacific LNG’s resources and facilities, and is a credit to our joint venture partners and in particular, all those people who work tirelessly across the downstream and upstream operations.

“We’re proud of Australia Pacific LNG’s contribution as a major supplier of natural gas to Australia’s east coast, meeting approximately 20% of total annual demand, and in exporting LNG to provide a cleaner source of energy to customers in Asia.”

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