Origin production boosted by APLNG ramp-up
Australia’s Origine Energy posted rising production for the June quarter as well year on year, on the back of Australia Pacific LNG production ramp up.
According to the company’s report, the production during the quarter reached was 89.2 petajoules equivalent (PJe) representing a 30 percent increase on the prior corresponding period in FY2016 and a 12 per cent increase on the previous quarter to 31 March 2017.
Year-to-date production increased 40 percent over the prior year to 323 PJe, driven by the ramp up of operations at Australia Pacific LNG with its second train commencing operations in October 2016, and the Halladale/Speculant wells coming online in the Otway Basin in August 2016.
Annual sales revenues were $2.2 billion, an increase of 105 per cent on the prior year, reflecting higher production and higher average prices across all products.
APLNG production was 164.6 PJ during the quarter, an increase of 9 percent compared to the March 2017 quarter (151.4 PJe). Sales volumes increased by 12 percent during the quarter to 167.2 PJ, including purchases of approximately 9 PJ as insurance gas during the 90-day two train operational test.
During the June 2017 quarter, 33 cargoes were loaded and shipped from the APLNG facility on Curtis Island.
Origin added that maintenance shutdowns of both APLNG trains are expected to be completed in the first quarter of the financial year 2018.
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.