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Australia Pacific LNG 75% complete

LNG Industry,

Origin Energy Ltd. today said that the Australia Pacific LNG was three quarters of the way to completion. Origin’s CEO of LNG David Baldwin said: “Strong progress has been made on Australia Pacific LNG with the upstream component of the project approximately 76% complete and the downstream component approximately 75% complete at 30 June 2014.

Mr Baldwin said the project was on track to deliver first LNG midway through 2015. “During the past quarter, 141 Phase 1 development wells were drilled, bringing the total to 821, and Condabri Central Train 1 gas processing facility was commissioned,” he said.

Q2 results

In a statement Origin said that it had also released its annual reserves and quarterly production reports for its exploration and production business for Q2.For the year ended 30 June 2014, Origin produced 142 PJe, a 15% increase on the prior year, and a 32% rise in revenues to US$ 1122 million. Production during Q2 increased by 8% compared with Q1, while sales and revenues increased by 12% and 11% respectively.

Origin’s upstream CEO, Paul Zealand, said: “Origin’s increased annual production and revenue results can be directly attributed to investments made in prior periods, with improved asset availability driving higher contributions from Otway, Kupe and BassGas assets.”

Increase in reserves

Over the past year, Origin has added to its overall reserves position. At 30 June 2014, the company’s Proved plus Probable (2P) reserves (including its 37.5% share in Australia Pacific LNG reserves) totalled 6473 PJe, representing a 4% increase on the prior year net of production.

Australia Pacific LNG’s 2P reserves increased by 709 PJe during the year to 14 091 PJe and 3P reserves increased by 1304 PJe to 17 459 PJe. Origin’s 37.5% share of Australia Pacific LNG’s 2P reserves was 5284 PJe, an increase of 266 PJe. The increase in Australia Pacific LNG’s 2P reserves was driven by the project’s exploration and appraisal programme and extensive development drilling as part of the Phase 1 project.

Adapted from press release by Ted Monroe

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