Australia’s top power and gas retailer, Origin Energy, reported a jump in its share of Australia Pacific LNG revenue on the back of higher realized prices for the chilled fuel and domestic gas.
Origin said the total production was steady at 64.3 PJ for the quarter ending September 30, however, the company’s share of APLNG revenue increased by 12 percent on June 2018 quarter and 35 percent on September 2017 quarter to $640 million.
Higher commodity prices and lower AUD/USD exchange rate resulted in higher APLNG revenue, Origin’s report said, adding that LNG prices remain elevated due to delays to key international liquefaction projects, low gas inventory levels in Europe and continued strong demand in China.
The facility shipped a total of 29 LNG cargoes for the quarter.
Origin CEO Frank Calabria said, “Australia Pacific LNG continues to produce at steady rates, allowing it to meet its LNG contract commitments and deliver large volumes of gas into the east coast domestic market, while higher realized prices delivered a strong uplift in revenue for the quarter.”