September quarter production and sales boosted by Australia Pacific LNG.

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Origin Energy Limited (Origin) today released its Quarterly Production Report for the quarter ended 30 September 2016.

Origin’s production of 74.2 PJe represented a 55 per cent increase on the corresponding period in FY2016 and an 8 per cent increase on the prior quarter. This was primarily driven by increased LNG production at Australia Pacific LNG.

Revenue for the three months to 30 September 2016 was $429.7 million1, a 91 per cent increase on the corresponding period in FY2016 and a 32 per cent increase on the prior quarter.

Origin CEO Integrated Gas, David Baldwin said, “Origin’s strong growth in production and sales during the September quarter can be attributed to the sustained performance of Australia Pacific LNG.

“Australia Pacific LNG achieved a number of significant milestones in early October including production of the first cargo2 from Train 2 and successful completion of the 120-day Train 1 operational lenders test, with all requirements met or exceeded. Completion of this test represents a major achievement in satisfying the project financing completion agreements for Train 1.

“During the quarter, a total of 19 cargoes were shipped from Australia Pacific LNG’s facility on Curtis Island, predominantly to Sinopec and Kansai in accordance with their respective long term Sale and Purchase Agreements. A total of 53 cargoes have been shipped to date.

“Pleasingly, the 100 per cent Origin-owned Halladale and Speculant fields achieved first gas on 26 August 2016. The project is expected to boost production in the 2017 financial year and make a meaningful contribution to Australia’s east coast gas supply,” Mr Baldwin said.

Elsewhere, first gas was also achieved at Waitsia in the Perth Basin on 24 August 2016, and drilling operations continued in the Cooper and Beetaloo basins in line with Origin’s joint venture and permit commitments.

On 12 October 2016, Origin notified the Northern Territory Department of Primary Industry and Resources to confirm the discovery of hydrocarbons at Amungee NW-1H.

NOTE: This report does not cover other areas of Origin’s integrated business, including electricity generation, energy retailing or non-hydrocarbon development activity.

 

Includes capitalised revenue related to Australia Pacific LNG ramp gas and LNG sales as well as gains / (losses) on forward sales and hedging.

2 Equivalent to production of 150,000 cubic metres of liquefied natural gas.


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