Origin Energy Ltd has announced a 12% increase in production for 1Q15 compared to 4Q15 (65% up on 1Q15).
The performance was primarily driven by increased LNG production by Australia Pacific LNG following the first LNG shipment on 9 January 2016. Origin confirmed that a total of 11 LNG cargoes were loaded and shipped by the project during 1Q16.
Origin’s revenue climbed 45% to $316.4 million compared to the corresponding period of last year. The company attributed this result to the commencement of LNG sales by Australia Pacific LNG.
Origin Chief Executive Officer Integrated Gas, David Baldwin, said: “The commencement of LNG exports from Australia Pacific LNG made a strong contribution to Origin’s overall production and sales results during the quarter.
“The majority of the 11 cargoes shipped from Australia Pacific LNG’s Curtis Island facility during the quarter were purchased by Sinopec in accordance with the Sale and Purchase Agreement. The project shipped an additional four cargoes during April.
“Pleasingly, daily production rates from Australia Pacific LNG’s first production train have exceeded design nameplate capacity of 4.5 million tpy. First cargo from the project’s second production train is expected during the first half of the 2017 financial year.”
Origin expects to recognise Train 1 revenue from 1 March 2016. As a result, Underlying LNG EBITDA for the 2016 financial year is expected to increase from $30 - $80 million to $100 - $150 million.
Edited from press release by Callum O'Reilly
Read the article online at: https://www.lngindustry.com/liquefaction/29042016/origin-posts-revenue-increase-2378/