Oil and Gas

Australia's Origin Energy sells Ironbark gas project for $164 mln

Feb 19 (Reuters) - Australia’s Origin Energy on Tuesday said it had agreed to sell its Ironbark gas project in the state of Queensland to Australia Pacific LNG (AP LNG) for A$231 million ($164.43 million).

Origin, which holds about 37.5 percent of AP LNG, said in a statement that it would remain responsible for the development of Ironbark due to its role as an upstream operator for AP LNG.

ConocoPhillips and China’s Sinopec are the other stakeholders in AP LNG.

Origin expects to book a non-cash post-tax impairment of A$34 million from the sale in its next half-year results. ($1 = 1.4049 Australian dollars) (Reporting by Ambar Warrick in Bengaluru; Editing by Joseph Radford)