🔥 Premium AI-powered Stock Picks from InvestingPro Now up to 50% OffCLAIM SALE

ConocoPhillips sees APLNG hitting full tilt in Q2 2017

Published 28/10/2016, 10:34 am
ConocoPhillips sees APLNG hitting full tilt in Q2 2017
ORG
-
COP
-
NG
-

MELBOURNE, Oct 28 (Reuters) - ConocoPhillips (NYSE:COP) COP.N , operator of the Australia Pacific liquefied natural gas (APLNG) plant, said it expects the project to reach its full capacity of 9 million tonnes a year in the June quarter of 2017.

APLNG started shipping from the second of its two production units earlier this month, and is now focused on ramping up coal seam gas supplies, operated by its Australian partner Origin Energy ORG.AX , into the plant.

"I expect it will be some time in the second quarter before we have enough gas supply from the upstream side to be able to run both trains at full tilt," ConocoPhillips' head of production, drilling and projects Al Hirshberg said on a quarterly conference call on Thursday.

APLNG has shipped more than 50 cargoes this year, he said.

Origin has said it expects to start reaping benefits from its investment in the A$26 billion ($20 billion) APLNG project in the year to June 2018.

APLNG, co-owned by ConocoPhillips, Origin Energy and China's Sinopec 600028.SS , is the largest of three coal seam gas-to-LNG projects to have opened on Curtis Island off Australia's east coast over the past two years.

($1 = 1.3182 Australian dollars)

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.