It was a bold idea from the start. Take gas trapped within coal seams hundreds of metres underground, pipe it to gigantic freezers to be converted into a liquid and then transport it aboard colossal ships to generate power. In Asia. Only 100 years ago, the very notion of LNG would have been considered madness or magic. That perception hasn’t completely disappeared.
Origin Energy, which has a 37.5% stake in the Australian Pacific LNG (APLNG) project, is just weeks away from beginning LNG production. Rather than celebrate the achievement, however, shareholders are weary.