Origin’s revenue jumps on higher APLNG output

Origin's revenue jumps on higher APLNG output
Image courtesy of Origin Energy

Origin Energy saw its revenue reach $678.6 million during the quarter ended September 30, on the back of higher Australia Pacific LNG output and higher realized prices. 

The Sydney-based company said its revenue for the September quarter jumped 58 percent compared to the corresponding quarter in 2016, and 1 percent increase over the June quarter.

Origin’s quarterly production of 89.1 PJe was stable compared to the June quarter, reflecting a sustained level of production following completion of the 90-day two-train operational test at Australia Pacific LNG.

Compared to the corresponding period in FY2016, Origin’s quarterly production increased by 20 percent, reflecting increased LNG production by Australia Pacific LNG and increased production at Otway.

Origin CEO Frank Calabria, said, “at Australia Pacific LNG planned maintenance was completed on both trains. Following the formal completion of the Lenders’ Test, the remaining $3.4 billion of shareholder guarantees relating to the $8.5 billion project finance facility were released.”

He added that the APLNG project remains a major supplier of gas to the Australian east coast, and is expected to provide almost 30 percent of total east coast gas market demand in 2018.

During the quarter the plant shipped a total of 32 LNG cargoes under its long-term sales and purchase agreements.

“During the December quarter, Australia Pacific LNG expects to complete a planned maintenance program with a 0.5 train outage for approximately 10 days,” Calabria said.

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