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