APLNG boosts Australia’s Origin Energy

Australia’s top power and gas retailer, Origin Energy on Monday said that its stake in the Australia Pacific LNG project (APLNG) recorded a 14 percent rise in production revenue for the financial year-to-date.

Origin’s share of Australia Pacific LNG production for the financial year-to-date was 189.6 PJe, reflecting production from two trains for the period to date, the company said on  Monday.

Origin’s share of APLNG related revenue for the first nine months of the 2018 financial year was $1.47 billion, an increase of 48 percent over the same period last year.

The increase in revenue was due to improved sales volumes of LNG and higher prices for both domestic gas and LNG, Origin said.

“We are now seeing strong momentum from Australia Pacific LNG, with production continuing to be very reliable and a total of 30 LNG cargoes loaded and shipped in the quarter. In April, Origin received $136 million from Australia Pacific LNG as the joint venture returned funds to shareholders,” said Origin CEO Frank Calabria.

Origin also added that Australia Pacific LNG expects to complete a planned maintenance program, which will involve Train 1 being shut down for approximately 16 days during the June quarter.