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APLNG sees 3% decrease in revenue

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LNG Industry,

According to Reuters, Origin Energy – the Australian electricity and gas retailer – has said that quarterly revenue from its Australia Pacific LNG (APLNG) project fell by 3%, impacted by lower prices.

APLNG is a joint venture between Origin, ConocoPhillips and Sinopec. Origin owns a 37.5% stake in the project.

Reuters reports that, in the three months ended 31 December 2019, LNG at the project was sold at an average price of $9.38/million metric Btu. In the same period the previous year, LNG was sold at an average price of $10.59/million metric Btu.

According to Reuters, despite the fact that weaker prices affected the project’s revenue during the quarter, the producer posted a record output of 67.6 PJ. This is a 7% increase from the year before.

Reuters also reports that Origin increased its fiscal 2020 production guidance for the project to approximately 690 – 710 PJ in November, compared to its earlier forecast of 680 – 700 PJ.

Origin CEO, Frank Calabria, commented: “Despite the challenges posed by bushfires in recent weeks, our power stations are operating well and supplying the market as needed.”

According to Reuters, Origin’s energy markets business has been affected by strong competition, and reported a decrease in volumes for the quarter. In addition to this, the company also noted that its unit at the Mortlake Power Station in Victoria had returned to service in late December.

Reuters reports that the APLNG project brought in revenue of AUS$716.5 million in the quarter. This is compared to AUS$740.9 million earned in the same period the previous year.

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