Australian upstream group Origin Energy plans to cut A$500mn ($380mn) in costs over the next 18 months at the 9mn t/yr Australia Pacific LNG (APLNG) venture at Gladstone, Queensland. Origin is the upstream operator of the venture, in which it owns a 37.5pc interest. US independent ConocoPhillips is the downstream operator of APLNG, with 37.5pc. The remaining 25pc is held by Chinese state-controlled oil firm Sinopec, which is the project’s largest customer. The cuts should lead to a breakeven rate of $40/bl of oil equivalent (boe) by 30 June 2019 from an expected $48/boe in the fiscal year to 30 June 2018, Origin chief executive Frank Calabria said at an investor day in Sydney on 28 November.
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