Australia’s power and gas retailer, Origin Energy, saw its production and revenue figures boosted by the record production posted by the Australia Pacific LNG project on Curtis Island near Gladstone.
During the second quarter, Origin’s share in the production of APLNG project reached 64 PJ, 2 percent up on the first quarter of the year and 4 percent up on the corresponding quarter in 2017.
Over the financial year 2018, Origin’s share of APLNG production was 245 PJ, 11 percent up on the previous year and in line with the company’s guidance, the report shows.
Origin’s share of revenue over the financial year was up 42 percent, up to $2.05 billion. The increase reflected the increased production and higher average realised prices of LNG and domestic gas. The higher average LNG price was primarily driven by an increase in the APLNG effective oil price to $56/bbl, compared to $47/bbl in FY2017.
Speaking of the results, Origin’s CEO F rank Calabria said, “across FY18, we saw strong uplifts in production, sales and revenue, reflecting a full year’s contribution from Australia Pacific LNG’s train two and assisted by strengthening commodity prices.”
He added that a total of 125 LNG cargoes were loaded and shipped for the year.
Origin noted in its report that APLNG expects to complete three separate planned maintenance shutdowns in the September quarter, with each resulting in a half train outage for approximately one week.