APLNG revenue up 7% in January-March

Australia Pacific LNG (APLNG) project revenue in the January-March quarter (Q3) came in at A$2.76bn ($1.82bn), up 7% year/year owing to higher product prices, Origin Energy, one of the partners in the project, said on April 28. The revenue was down 13% quarter/quarter, however.

APLNG’s average commodity price was up 9% yr/yr but down 11% q/q. APLNG, a joint venture comprising Origin, ConocoPhillips and China's Sinopec, is Australia’s largest producer of coalbed methane (CBM) and supplies gas to Queensland’s domestic gas market, while also processing CBM into LNG for exports.

Origin’s revenue from its stake in APLNG rose to A$710mn in Q3 from A$666mn a year earlier.

A consortium of Brookfield Asset Management and MidOcean Energy, a unit of EIG, last month signed a binding scheme implementation deed to acquire Origin for an enterprise value of A$18.7bn ($12.4bn).

According to the deal, Brookfield would acquire Origin’s energy markets business and MidOcean would acquire the integrated gas business including a 27.5% interest in Queensland-based APLNG.

ConocoPhillips has announced its plans to become the upstream operator of APLNG following the closing of EIG’s transaction with Origin.