Origin Energy has agreed to sell part of its future oil and condensate production for $US300 million ($287.40 million).

Queensland’s largest energy provider today said the price was linked to the current oil forward pricing curve and the funds would be used to retire existing drawn debt.

Goldman Sachs is handling the transaction which is understood to have been signed with Chinese controlled MMG.

Origin executive director of finance and strategy Karen Moses said under the terms of the agreement Origin had agreed to sell a portion of oil and condensate from its Australian East Coast and New Zealand production assets from 2015.

‘‘The agreement allows Origin to realise value today from its future oil and condensate production, which is a by-product of the company’s core gas production business,’’ Ms Moses said in a statement.

She said the transaction was consistent with Origin’s strategy to identify new pathways to monetise the company’s portfolio of fuel resources.

Ms Moses added that the deal demonstrated Origin’s focus on maximising cash flow from the existing business.

The deal is reportedly the most expensive east coast gas agreement to date as domestic demand on the east coast intensifies.

Origin is focused on gas and oil exploration and production, power generation and energy retailing.

The company and partner ConocoPhilips each have a 37 per cent stake in building the $20 billion Australian Pacific LNG project in Gladstone.

Shares in origin were down 1.15 per cent to $11.58.