sydneyaustralias origin energy ltd said it has received a takeover proposal worth around 1551 billion australian dollars us997 billion from a consortium led by brookfield asset management inc underscoring the interest in global assets that can support the energy transition origin is a major shareholder in the australia pacific lng plant in eastern australias queensland state that supplies liquefied natural gas to asia the facility is operated by conocophillips and has benefited from elevated prices of lng after russias invasion of ukraine led countries in europe to scour the world for alternative sources to russian supply origin also owns some power plants and is one of australias biggest retailers of electricity and gas to households and businesses it recently said it will stop exploring for oil and natural gas in landholdings that dont support the australia pacific lng facility as it prepares to invest more in clean energy on thursday origin said the consortium comprising brookfield and the lng arm of privateequity firm eig global energy partners had indicated it would make a cash offer worth a900 a share to acquire the company origin said its board intends to recommend shareholders vote in favor of a deal if the consortium makes a formal bid after completing due diligence which is expected to take up to eight weeks the consortiums latest offer of a900 a share in cash follows two earlier proposals origin said a successful takeover would see brookfield acquire its markets business which generates electricity for sale to customers along with some gas supply midocean energy the eig unit would own origins integrated gas business which includes its interest in the australia pacific lng project last year origin agreed to sell a 10 stake in the australia pacific lng project to eig for a212 billion but the deal didnt proceed because conocophillips exercised its preemption rights to acquire the interest instead australia is one of the worlds largest exporters of liquefied natural gas following a multibilliondollar investment spree that took place around a decade ago australia accounted for a fifth of global lng exports last year and while most of its supply is committed to buyers in asia companies can choose to sell a portion of their output into the open market when prices are high illustrating how russias invasion of ukraine has reordered global gas markets and created new business opportunities the uk imported australian lng for the first time earlier this year despite the additional freight costs involved compared to shipping within asia globally about onethird of all lng is sold on the spot market analysts expect lng prices to remain high for some time as europe spends billions of dollars to wean itself off russian gas even if chinas economic weakness and prospects of a global recession drag on market sentiment still exporting lng to capitalize on prices that are typically higher than what domestic buyers are prepared to pay for their gas supply has proven to be controversial in australia earlier this year australias government threatened to impose caps on exports amid concerns that the country was facing a domestic gas shortfall in 2023 prompting an outcry from the energy industry limiting exports could have affected the australia pacific lng project which shipped five spot cargoes overseas between april and june as well as two other facilities operated by shell plc and santos ltd to neutralize the threat of governmentimposed export caps the gasexport ventures agreed to first offer uncontracted gas to local buyers before seeking overseas customers