Origin boosts APLNG reserves base

Australia’s Origin Energy today announced an increase in proven and probable coal-bed methane (CBM) reserves earmarked for feedstock for the Australia-Pacific Liquefied Natural Gas (APLNG) development, in Australia’s Queensland state, and has hinted it may further reduce its stake in the A$20 billion ($21 billion) project

The news came as Origin booked interim net profit of A$794 million for the half-year to 31 December 2011, partly due to strong commodities prices and the sale of part of its stake in APLNG to China’s Sinopec. In the year-earlier period, the firm reported a loss of A$136 million. In its results statement, Origin said the project’s proved and probable reserves now stand at 12 trillion cubic feet (cf), up from around 10.5 trillion cf at the end of June last year. Contingent resources have also increased, to 15 trillion cf from 10 trillion cf. Origin said it was well funded for the first phase of APLNG following a major capital raising programme last year. It has A$5.5 billion in undrawn facilit