APLNG ramp-up boost Origin’s revenue
Australia’s Origin Energy reported a rise in revenue in the quarter ended March 31, 2017, on increased production and higher average realized price.
Revenue for the quarter jumped to A$562.9 million, 78 percent up on the corresponding quarter in FY 2016, Origin said in its quarterly report.
In its nine-month period from July 2016 to March 2017, Origin Energy that owns a 37.5 percent stake in the APLNG project, reported a 104 percent jump in revenue to A$1.54 billion in the current financial year from A$753.1 million reported in the FY2016.
The production also rose during the quarter, reaching 18.8 petajoules equivalent (PJe) or 31 percent higher than the March 2016 quarter reflecting increases from APLNG, that now has two trains in production.
In terms of the nine-month period, production reached 243 PJe until March 31, 2017, a 43 percent increase over the corresponding period last financial year. The rise is a result of increased production from APLNG and Otway, due to increased production from Halladale/Speculant wells coming online.
The LNG plant located on Curtis Island off Gladstone loaded and shipped a total 27 cargoes, including to Sinopec and Kansai. In early April, the facility produced and shipped its 100th cargo.
Production reached 151.4 PJe during the quarter as the ramp up of Train 2 production was largely offset by the impact of scheduled upstream outages and the planned shutdown of Train 1 from 14 March to 8 April.
Speaking of the results, Origin CEO, Frank Calabria said, “This strong performance was driven primarily by the commencement of production by Australia Pacific LNG’s second LNG train.”
“Australia Pacific LNG’s production trains continue to perform in line with expectations – with production ramping up in preparation for the 90-day two train operational test. This is targeted to be completed in the first half of FY2018,” he said.
At full capacity, APLNG’s two train LNG production facility is expected to supply nine million tons per annum (mtpa) of LNG.
Australia Pacific LNG is a joint venture between ConocoPhillips, that is the operator with a 37.5 percent stake, Origin holds a 37.5 percent stake and Sinopec owns a 25 percent stake.
LNG World News Staff