Oz APLNG Revenue Jumps

Australian gas and power retailer, Origin Energy, said July 31 Australia Pacific LNG (APLNG) revenue for the 12 months to June (FY2019) was up 36% on year owing to higher prices.

Origin’s share of the revenue was A$2.79bn (US$1.9bn) as against A$2.05bn in the previous year. The company received A$943mn cash from APLNG during the year, higher than guidance of A$850mn, it said. APLNG (a joint venture comprising Origin, ConocoPhillips and Sinopec) is Australia’s largest producer of coalbed methane and supplies gas to Queensland’s domestic gas market, while also processing coalbed methane into LNG for exports.

Origin’s share of production during the year was stable at 254 petajoules, it said. APLNG’s effective oil price in FY2019 was US$73/b as against US$56/b in the prior year.

For the three months to June (Q4 2019) revenue decreased 16% on quarter primarily due to a lower effective oil price in the final quarter.

Origin said the A$231mn sale of Ironbark to APLNG is expected to complete in August and the latter has retained sufficient cash during FY2019 to fund the transaction.