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Australia Pacific LNG momentum continues

LNG Industry,

Origin Energy Limited reported on the progress of the Australia Pacific liquefied natural gas (LNG) project in the company’s Q3 production report for its Exploration and Production business.

“We continue to make significant progress in the delivery of Australia Pacific LNG with overall work being progressed at the rate of 3 to 4% per month. The delivery of Australia Pacific LNG is one of Origin’s key priorities and the project remains on track for first LNG by mid 2015”, commented Origin CEO LNG, David Baldwin.

At the end of Q3, the upstream component of the LNG project was approximately 50% complete, while the downstream component was approximately 54% complete.

Production results

The quarterly report also highlighted company production of 38 petajoules equivalent (PJe) and sales revenue of US$ 307 million. Compared to Q2, production was 17% higher, reflecting increased availability at BassGas and the commencement of production from Otway Gas Project’s Geographe 2 well. Sales revenue increased by 38% compared to the previous quarter, thanks to increased production, higher third party sales volumes and higher average prices across all commodities.

In comparison to Q3 2012 results, Origin production was 13% higher, largely due to the full quarter contribution from BassGas following the Mid Life Enhancement project and an increase in production at Kupe. Sales revenue was up 36% compared to the third quarter of last year.

Adapted from press release by Katie Woodward

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