Origin has confirmed Australia Pacific LNG has concluded the 90-day operational phase of the two train project finance lenders’ test.
All other elements of the project finance completion tests are on track and Australia Pacific LNG expects that formal certification that they have been satisfied will be provided during the first quarter of FY2018.
When the formal certifications are received the remaining US$3.4 billion of shareholder guarantees relating to Australia Pacific LNG’s US$8.5 billion project finance facility will be formally released.
During the 90-day period, Australia Pacific LNG achieved high operational performance across all key metrics associated with the test. The facility produced on average more than ten per cent above nameplate capacity with high thermal efficiency and minimal downtime.
Origin CEO, 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 per cent of total annual demand, and in exporting LNG to provide a cleaner source of energy to customers in Asia.”