Tendersinfo keep you informed about the latest events in the national and international Procurement Industry. Procurement News provides in-depth coverage of the procurement industry, including contract awards, contract additions, new contract wins, mergers and acquisitions. Tendersinfo through its tender news section provides an update on all domestic and global tendering opportunities, invitation to bid & trade leads.

Publish Date : 28-Feb-2013

Origin Energy Limited (Origin) today announced it had agreed to sell an additional portion of its future oil and condensate production at a price linked to the current oil forward pricing curve.

The US$200 million forward sale of oil and condensate over a six-year period from July 2015 follows a similarly structured transaction announced by Origin in December 2012 that raised US$300 million.

The two transactions represent approximately 35 per cent of Origin\'s current oil and condensate 2P reserves excluding Australia Pacific LNG.

A total of US$500 million raised by the two transactions is being used to retire existing drawn debt. Goldman Sachs is a counterparty in connection with the transaction.

About Origin Energy - Origin Energy is the leading Australian integrated energy company focused on gas and oil exploration and production, power generation and energy retailing. A member of the S&P/ASX 20 Index, the company has more than 5,800 employees and is a leading producer of gas in eastern Australia. Origin is Australia\'s largest energy retailer servicing 4.3 million electricity, natural gas and LPG customer accounts and has the country\'s largest and one of the most flexible generation portfolios with approximately 5,900 MW of capacity, through either owned generation or contracted rights. Origin\'s strategic positioning and portfolio of assets provide flexibility, stability and significant opportunities for growth across the energy industry. Through Australia Pacific LNG, its incorporated joint venture with ConocoPhillips and Sinopec, Origin is developing one of Australia\'s largest CSG to LNG projects based on Australia\'s largest 2P CSG reserves base.

In New Zealand, Origin is the major shareholder in Contact Energy, the country\'s leading integrated energy company, operating geothermal, thermal and hydro generation facilities and servicing electricity, gas and LPG customers across both the North and South islands. Origin also operates several oil and gas projects in New Zealand and is one of the largest holders of petroleum exploration acreage in the country.

Origin has a strong focus on ensuring the sustainability of its operations, is the largest green energy retailer in Australia and has significant investments in renewable energy technologies.

Go to previous page