Operational phase of APLNG lenders’ test complete
Origin Energy has confirmed the conclusion of the 90-day operational phase of the two-train project finance lender’s test for Australia Pacific LNG (APLNG).
All other elements of the project finance completion tests are on track and APLNG expects that formal certification will be provided during the first quarter of FY18.
“This outstanding result underscores the quality of APLNG’s resources and facilities, and is a credit to our joint venture partners and in particular, all those people who work tirelessly across downstream and upstream operations,” said Origin CEO Frank Calabria.
“We’re proud of APLNG’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.”
When the formal certifications are received the remaining $4.26 billion of shareholder guarantees relating to APLNG’s $10.6 billion project finance facility will be formally released.
During the 90-day period, APLNG achieved high operational performance across all key metrics associated with the test.
The facility produced on average more than 10 per cent above nameplate capacity with high thermal efficiency and minimal downtime.