Origin Energy has announced that it will spin off its domestic-focussed conventional upstream assets in Australia and New Zealand into a new company (NewCo). This will represent a full withdrawal from upstream operations in New Zealand, but Origin will retain its CSG portfolio, its LNG plant stakes, its unconventional Beetaloo Basin acreage, as well as its offshore Western Australia fields. Wood Mackenzie’s estimate of the commercial reserves being spun-off total 705 billion cubic feet of gas and 28 million barrels of liquids.The IPO is scheduled for 2017, but we don’t discount the possibility that Origin could receive offers for individual assets now that it has clarified its desire to sell specific fields. The spinoff is part of a wider restructuring by Origin, which has seen it raise capital as well as selling Contact Energy in New Zealand.
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