Origin reports strong production during March Quarter and Australia Pacific LNG two-thirds complete.
Origin Energy Limited (Origin) today released the Quarterly Production Report for its Exploration and Production business for the quarter to 31 March 2014, reporting production of 32.4 petajoules equivalent (PJe) and sales revenue of $253 million.
When compared to the corresponding quarter in 2013, production increased 10 per cent primarily due to increased contributions from the Australia Pacific LNG project and Otway. Sales revenue increased by 27 per cent compared to the corresponding quarter in 2013, reflecting increased production, higher average commodity prices and higher third party sales volumes.
When compared to the December Quarter 2013, production decreased by 12 per cent in line with lower customer nominations at Otway. Sales revenue decreased 10 per cent from the December quarter 2013, reflecting reduced production levels and lower third party sales, partially offset by higher average commodity prices.
Origin Chief Executive Officer Upstream, Mr Paul Zealand said, "Origin’s strong production performance during the period can be attributed to increased contributions from Australia Pacific LNG and Otway, where production commenced from the Geographe 2 well in July 2013."
Origin also reported on the progress of the Australia Pacific LNG project.
Origin Chief Executive Officer LNG, Mr David Baldwin said, "Australia Pacific LNG remains on track to deliver first LNG in mid-2015 with the Upstream component approximately 67 per cent complete and the Downstream component approximately 68 per cent complete."
The report does not cover other areas of the integrated energy businesses undertaken by Origin, including electricity generation, energy retailing, nonhydrocarbon development activity or its subsidiary Contact Energy of New Zealand.
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