Oz Origin's 2Q Oil, Gas Revenue Up
Australian energy retailer and gas/LNG producer, Origin Energy, January 31 said its oil and gas revenue increased year-on-year for the three months to December 31 (2Q2019) due to higher oil, gas and LNG prices.
Origin reported Australia Pacific LNG (APLNG) revenue of A$741 million (US$538mn) (Origin share), an increase of 45% compared with the same quarter in 2017. Its share of APLNG production was stable over the quarter at 63 petajoules (1.7bn m3).
APLNG’s effective oil price in 2Q was US$76/b, up from US$69/b in 1Q, Origin said. LNG prices increased over the first half of the quarter but began to weaken due to slower industrial activity in China, mild weather in Asia and high gas inventory levels in Europe, along with new LNG liquefaction projects boosting supply, it added.
“Australia Pacific LNG benefited from both higher commodity prices and favourable movements in the exchange rate, while continuing to operate reliably at steady-state production levels,” CEO Frank Calabria 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 CBM into LNG for exports.