Equal APLNG stakeholder ConocoPhillips (37.5%) recently flagged it would spend about $2 billion on the project this year.

According to The Australian, Credit Suisse used this reference to subsequently calculate that Origin would need to spend “about $400 million more than implied under Origin’s current guidance”.

Credit Suisse analyst Mark Samter, who has an underperform rating on Origin, viewed that the company’s balance sheet was already under duress.

“Given the uncertainty about the speed and scale of the oil price recovery, and the precarious nature of the balance sheet, such concern about delivery on APLNG through this year isn’t shortsighted in our mind,” he said.

Last month Credit Suisse retracted its view that Santos shares were “worthless” if low oil prices remained.

The $24.7 billion APLNG project is targeting 9 million tonnes per annum of capacity, with first exports in mid-2015.

It also has arrangements to supply gas to the GLNG project from its upstream CSG fields.