Origin's APLNG revenue up 70% in Jul-Sep

Australia’s Origin Energy on October 29 said the revenue from its stake in Australia Pacific LNG (APLNG) for the three months to September 30 (Q1) jumped 69% year/year due to higher product prices.

The company's revenue from the APLNG rose to A$633.7mn ($477.87mn) in Q1 compared with A$373.9mn in the same period last year. APLNG’s realised average LNG price was $9.09/mn Btu, up from $5.81/mn Btu a year earlier. Its average domestic gas price was up 106% yr/yr, Origin said.

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 last week signed an agreement with global energy investor, EIG, to sell a 10% stake in the project.

Following the sale's completion, the APLNG joint venture shareholders will comprise ConocoPhillips (37.5%), Origin (27.5%), Sinopec (25%) and EIG (10%). Origin will continue to be responsible for upstream exploration, development, and production activities. The downstream segment is operated by ConocoPhillips.