Origin’s Exploration and Production business achieves increased production and revenues during March Quarter.
Origin Energy Limited (Origin) today released its Quarterly Production Report for the Quarter ended 31 March 2010 which covers its activities in the areas of gas and oil exploration and production.
The Exploration and Production business reported a 9 per cent increase in production and a 19 per cent increase in sales revenue for the Quarter to 31 March 2010, compared with the corresponding period in 2009.
Origin’s Executive Director, Finance and Strategy, Ms Karen Moses, said “The Exploration and Production business has delivered increased production and sales revenue as a result of commissioning of the Kupe Gas Project in New Zealand, our increased interest in the Otway Gas Project, continuing growth in production from the coal seam gas fields and higher liquid prices.”
The increases were achieved despite scheduled maintenance of the BassGas Project and constraints in production from the Cooper Basin due to flooding in the region.
Production and sales revenue for the year to 31 March 2010 were 7 per cent and 2 per cent respectively lower. This was primarily due to the Australia Pacific LNG transaction which has seen Origin dilute its interest in these CSG assets by 50 per cent. Adjusting for this impact, year to date production is approximately 5 per cent higher than the prior year.
Ms Moses said, “This marks a Quarter of significant achievements in the Exploration and Production business. We also undertook a major scheduled maintenance program at the BassGas project, successfully appraised the Rockhopper discovery in the Bass Basin, commenced drilling activities as part of our farmin to South-East Asian acreage with Salamander Energy and secured Anadarko to farmin to our deep water Canterbury Basin permits in New Zealand.
“The Australia Pacific LNG project also continued to achieve its milestones. Gross production levels have continued to increase, reserves delineation is continuing, the Environmental Impact Statement has been released for public comment, a gas sales agreement with QGC has been finalised which will support the development of both LNG projects and marketing activities are continuing” she said.
NOTE: For more information, please see Origin’s Quarterly Production Report lodged with the ASX today. The report does not cover other areas of the integrated energy businesses undertaken by the company, including electricity generation, energy retailing or its subsidiary Contact Energy of New Zealand.
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