Australian energy company Origin Energy Ltd today released the Quarterly Production Report for its exploration and production business for Q1 2014, reporting production of 32.4 petajoules equivalent (PJe) and sales revenue of US$ 253 million.
When compared to the corresponding quarter in 2013, production increased 10% primarily due to increased contributions from the Australia Pacific LNG project and Otway. Sales revenue increased by 27% compared to Q3 2013, reflecting increased production, higher average commodity prices and higher third party sales volumes.
When compared to the Q3 2013, production decreased by 12% in line with lower customer nominations at Otway. Sales revenue decreased 10% from Q3 2013, reflecting reduced production levels and lower third party sales, partially offset by higher average commodity prices.
Origin Chief Executive Officer Upstream, Mr Paul Zealand, said: "Origin's strong production performance during the period can be attributed to increased contributions from Australia Pacific LNG and Otway, where production commenced from the Geographe 2 well in July 2013."
Origin also reported on the progress of the Australia Pacific LNG project. The company's CEO LNG, Mr David Baldwin, said: "Australia Pacific LNG remains on track to deliver first LNG in mid-2015 with the upstream component approximately 67% complete and the downstream component approximately 68% complete."
Adapted from press release by Ted Monroe