Origin reports uplift in annual production and revenues
Origin Energy Limited (Origin) has released its Quarterly Production Report for the quarter ended 30 June 2017 (June Quarter).
Production increased 40 per cent on the prior year to 323 PJe in FY2017. This was driven by the ramp up of operations at Australia Pacific LNG with its second train commencing operations in October 2016, and the Halladale/Speculant wells coming online in the Otway Basin in August 2016. Annual sales revenues were $2.2 billion, an increase of 105 per cent on the prior year, reflecting higher production and higher average prices across all products.
CEO, Frank Calabria said: “The substantial uplift in production and sales revenues for the year reflects strong operational performance across our upstream operations.
“Australia Pacific LNG continues to hit milestones and has now concluded the 90-day operational phase of the two train project finance lenders’ test. This represents a significant step in releasing the remaining US$3.4 billion of shareholder guarantees relating to Australia Pacific LNG’s US$ 8.5 billion project finance facility, which is now expected to occur in the first quarter of FY2018.
“Australia Pacific LNG continues to be a major supplier of gas to Australia’s east coast, providing more than 20 per cent of total annual demand, as well as meeting its export contract commitments.
“In Lattice Energy, the Yolla compressor was successfully commissioned in June 2017, which is expected to maximise production over the life of the field and help BassGas continue to meet demand for gas in southern Australia,” Mr Calabria said.
For the June Quarter, production was 89.2 PJe representing a 30 per cent increase on the prior corresponding period in FY2016 and a 12 per cent increase on the previous quarter to 31 March 2017. Australia Pacific LNG shipped 33 cargoes during the June Quarter, including to Sinopec and Kansai Electric under long term contracts. Sales revenues for the June Quarter were $673.4 million.
NOTE: The reports do not cover other areas of Origin’s integrated business, including electricity generation, energy retailing or non-hydrocarbon development activity.
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