October 24, 2008
ConocoPhillips to Acquire 50% Interest in CSG-to-LNG JV With Origin
Origin Energy has announced that ConocoPhillips has received approval from the Foreign Investment Review Board to acquire a 50% share of a coal seam gas-to-liquefied natural gas joint venture with Origin. The transaction is now unconditional.
In consideration for its interest in the joint venture (JV) ConocoPhillips will provide an additional fixed contribution of A$1.15 billion to carry Origin's share of costs to final investment decision (FID) expected by 2010-end; and additional payments of A$500 million at the point that each of the four proposed liquefied natural gas (LNG) trains is approved, to partly carry Origin's share of costs.