Origin Energy: Australia Pacific LNG Downstream Component 54 Pct Complete

Origin Energy released the Quarterly Production Report for its Exploration and Production business for the quarter to 30 September 2013, reporting production of 38 petajoules equivalent and sales revenue of $307 million.

When compared to the previous quarter, production was 17 per cent higher reflecting increased availability at BassGas and the commencement of production from Otway Gas Project’s Geographe 2 well. Sales revenue increased by 38 per cent compared to the previous quarter reflecting increased production, higher third party sales volumes and higher average prices across all commodities.

When compared to the corresponding quarter in 2012, production was 13 per cent higher primarily due to the full quarter contribution from BassGas following the Mid Life Enhancement project and an increase in production at Kupe. Sales revenue increased 36 per cent from the September quarter 2012, reflecting increased production, higher sales of third party volumes and higher average prices across all commodities.

Origin Chief Executive Officer Upstream, Paul Zealand said, “Origin’s strong production performance during the quarter can be attributed to the commencement of production at Otway’s newly developed Geographe field in Bass Strait and higher plant availability and nominations at BassGas and Kupe,” he said.

Origin also reported on the progress of the Australia Pacific LNG project.

Origin Chief Executive Officer LNG, David Baldwin said, “We continue to make siginificant progress in delivery of Australia Pacific LNG with overall work being progressed at the rate of 3 to 4 per cent per month. The delivery of Australia Pacific LNG is one of Origin’s key priorities and the project remains on track for first LNG by mid 2015,” he said.

At the end of the September quarter the Upstream component of the project was approximately 50 per cent complete and the Downstream component approximately 54 per cent complete. This incorporates a rebasing of overall progress reporting to allow for project cost revisions announced in February 2013. The rebasing has no effect on the achievement of project milestones or schedule.

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LNG World News Staff, November 05, 2013