Origin reports strong increase in production; Australia Pacific LNG on cusp of first LNG
Origin Energy Limited (Origin) today released its Quarterly Production Report for its Integrated Gas business for the period to 30 September 2015. Production for the September Quarter was 47.8 PJe, a 13 per cent increase on the June Quarter, reflecting increased production as Australia Pacific LNG ramps up ahead of first LNG cargo, and the commencement of production at the new Yolla 5 and Yolla 6 production wells in the Bass Basin.
Notwithstanding the strong increase in production, revenue decreased by 1 per cent compared to the June Quarter due to lower liquids prices1 and lower average gas prices realised by Australia Pacific LNG. Gas prices, excluding Australia Pacific LNG gas sales to QGC, continue to increase.
When compared to the September Quarter in 2014, production increased by 37 per cent primarily reflecting higher production from Australia Pacific LNG as gas fields ramp up ahead of the commencement of LNG production. Revenue decreased 10 per cent primarily reflecting lower realised liquids prices1.
Origin Chief Executive Officer Integrated Gas, Mr David Baldwin said, “During the quarter we welcomed the commencement of production from the new Yolla 5 and Yolla 6 wells, and Australia Pacific LNG production continued to ramp up ahead of first LNG cargo, driving a strong operational result.
“We are on the cusp of achieving two major milestones at Australia Pacific LNG with the commencement of LNG production expected within a month, and first LNG cargo within a few weeks thereafter.”
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.
1. Including gain / (loss) on hedging and forward sales agreements.
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