ConocoPhillips-operated Australia Pacific LNG concluded the 90-day operational phase of the two train project finance lenders’ test.
“All other elements of the project finance completion tests are on track and Australia Pacific LNG expects that formal certification that they have been satisfied will be provided during the first quarter of FY2018,” Origin Energy that holds a 37.5 percent stake in the project said on Friday.
When the formal certifications are received the remaining US$3.4 billion of shareholder guarantees relating to Australia Pacific LNG’s $8.5 billion project finance facility will be formally released.
Origin added that, during the 90-day period, Australia Pacific LNG 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.
The $17 billion LNG project has a full production capacity of 9 million tons per year of the chilled fuel.
Shareholders in the Australia Pacific LNG project are ConocoPhillips (37.5%), Origin (37.5%) and Sinopec (25%).