Origin reports strong production in the March quarter and Australia Pacific LNG project 91% complete
Origin Energy Limited (Origin) today released the Quarterly Production Report for its exploration and production activities for the quarter to 31 March 2015, reporting production of 36.9 petajoules equivalent (PJe) and sales revenue of $198.4 million.
Production increased by 10 per cent when compared to the December 2014 quarter, reflecting an increased contribution from Australia Pacific LNG operated fields at Orana and Condabri and higher customer nominations at Kupe. Sales revenue decreased by 16 per cent compared to the previous quarter, due to lower sales of third party volumes, timing of product liftings and lower average commodity prices.
When compared to the prior corresponding quarter in 2014, production was 14 per cent higher driven primarily by increased production by Australia Pacific LNG. Sales revenue decreased by 22 per cent, reflecting lower sales of third party volumes and lower average commodity prices.
Origin Chief Executive Officer Integrated Gas, Mr David Baldwin said, “Australia Pacific LNG continues to report strong progress, and at the end of the March quarter the Upstream project was 93 per cent complete and the Downstream project was 89 per cent complete.
“A total of 1,069 development wells have been drilled and seven gas processing trains commissioned. In February, the main pipeline system delivered gas to Curtis Island, and Australia Pacific LNG recently confirmed the successful start up of the first of seven gas turbines that will power the LNG facility,” Mr Baldwin said.
During the quarter, Origin continued to focus on development and exploration activities. Production testing on the Senecio 3 appraisal well was completed confirming the potential commerciality of the resource and two new production wells at BassGas were successfully spudded.
The report does not cover other areas of the integrated energy businesses undertaken by Origin, including electricity generation, energy retailing, non-hydrocarbon development activity or its subsidiary, New Zealand’s Contact Energy.
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