Origin revenue boosted by APLNG

Australia’s Origin Energy reported a rise in revenue in the December quarter, boosted by increased production at the Australia Pacific liquefied natural gas project.

Revenue for the December quarter was $544.3 million, a 157 percent increase on the corresponding period in FY2016 and a 27 percent increase on the September 2016 quarter, Origin, that owns a 37.5 percent stake in the APLNG project said on Tuesday.

Production also rose as the company prepares to spin off its conventional gas exploration and production arm in an initial public offering this year.

Origin’s production of 80.1 petajoules equivalent (PJe) in the three months to December 31 represented a 47 percent increase on the corresponding period in FY2016 and an 8 percent increase on the September 2016 quarter.

“Australia Pacific LNG was a major driver of the growth in revenue for the quarter, with the first cargo from Train 2 produced in early October 2016 and ramp up continuing in advance of the 90 day two train operational test,” Origin CEO Integrated Gas, David Baldwin said in the statement.

The LNG plant located on Curtis Island of Gladstone loaded and shipped a total of 26 cargoes during the quarter, predominantly to Sinopec and Kansai.

Australia Pacific LNG has now shipped 82 cargoes to date.

At full capacity, APLNG’s two train LNG production facility is expected to supply nine million tonnes 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