Power outage on LNG vessel delays Origin Energy delivery schedule

The news: Origin Energy has turned down its production to reduce the flow of gas to the Australia Pacific LNG facility at Curtis Island in Queensland because an LNG vessel become stuck at the terminal after losing power. No other cargoes can be loaded until the issue is resolved.

The numbers: Two cargo loads have already been deferred from the 2024 delivery schedule, Origin said, and more are expected. Australia Pacific LNG usually loads an LNG vessel every three days. Origin shares were trading 0.6% lower at $8.48 at 11am AEDT.

The context: Origin said their would be no impact on domestic gas customers and the total number of cargoes deferred would depend on the time taken to fix the problem. The company will provide further updates as the situation unfolds.