Reuters reports that the energy retailer, which has started drilling in the Beetaloo Basin (located in the Northern Territory), has said that exploration was progressing, and that first results can be expected in Q4 of fiscal 2020.
According to Reuters, Origin Energy increased its fiscal 2020 production guidance from it stake in APLNG to approximately 690 – 710 PJ. This is compared to its earlier forecast of 680 – 700 PJ.
Strong production at the APLNG project has reportedly helped Origin Energy to cope with weakness in its energy business, which, according to Reuters, has been affected by strong competition and a move by the government to introduce retail power price caps.
In an investor briefing, Origin Energy noted that it was aiming to maintain strong production performance at the APLNG project over the course of the coming three to five years. The company added that there is potential increase production even further by making use of spare upstream capacity.
Meanwhile, Origin Energy also revised its underlying core earnings guidance for its energy markets, due to the introduction of an accounting standard. The company added that, while its energy markets face headwinds, earnings are relatively stable.
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