Australia Pacific LNG pushes up production, revenue at Origin Energy

Australia Pacific LNG (Image courtesy of Origin Energy)
Australia Pacific LNG (Image courtesy of Origin Energy)

Origin Energy, the owner of a 37.5 percent stake in the Australia Pacific LNG project, said the ConocoPhillips-operated LNG project has boosted its production and revenue.

APLNG started exporting the chilled fuel in January and has since then shipped 32 LNG cargoes, with the majority sold under long-term agreements with Sinopec and Kansai, Origin said in its quarterly production report on Friday.

Origin supplies coal seam gas resources located in the Surat and Bowen Basins to the two-train LNG facility on Curtis Island, near Gladstone.

Train 1, with a 4.5 mtpa capacity, continues to perform “well with LNG production rates exceeding nameplate capacity,” Origin Chief Executive Officer Integrated Gas David Baldwin said.

The Train 1 operational lenders’ test is underway in support of releasing 60% of project finance shareholder guarantees in the second quarter of the 2017 financial year. The release of the remaining 40% of project finance guarantees is expected to occur in calendar year 2017.

According to Baldwin, Train 2 is entering the commissioning phase with first cargo “on track for the second quarter of the 2017 financial year.”

Origin’s annual production rose 57% to 231.5 petajoules equivalent on the back of APLNG while the company’s revenue climbed by 15% to A$1.08 billion ($810 million) in the year to June 2016 as compared to the same period a year before.

According to Origin, average LNG prices dropped 15 percent to $5.23/mmmBtu in the June quarter from $6.17/mmmBtu in the quarter before.

 

LNG World News Staff

Share this article

Follow LNG World News

Events>

<< Sep 2019 >>
MTWTFSS
26 27 28 29 30 31 1
2 3 4 5 6 7 8
9 10 11 12 13 14 15
16 17 18 19 20 21 22
23 24 25 26 27 28 29
30 1 2 3 4 5 6

6th Mozambique Gas Summit & Exhibit

This year’s edition will have a revamped programme for attendees.

read more >

Offshore Energy Exhibition and Conference 2019

The three-day event includes an exhibition where an expected 600+ supply chain companies will showcase their products and services.

read more >

LNGgc London

LNGgc is a fantastic way of raising attendees’ company profile within this market and creating greater awareness of their brand…

read more >

5th CWC China LNG & Gas International Summit & Exhibition

5th CWC China LNG & Gas International Summit & Exhibition will return 16 – 17 October 2019, bringing together the key players…

read more >