Record APLNG production drives 23% revenue boost
OPTIMISING production at Australia Pacific LNG has driven a 23 per cent increase in revenue for Origin Energy in the June quarter.
The boost to its oil and gas business was mainly due to record production at the Curtis Island plant, which produced a record 64 petajoules between April and June.
The results were delivered in the global gas company's June quarter report, which chief executive Frank Calabria said proved the importance of APLNG's contribution to Origin.
"Across FY18, we saw strong uplifts in production, sales and revenue, reflecting a full year's contribution from Australia Pacific LNG's Train Two and assisted by strengthening commodity prices," he said.
"A total of 125 LNG cargoes were loaded and shipped for the year."
A 42 per cent surge in full-year oil and gas revenues to $2.05billion was also reported, as a result of production from the second train at APLNG.
APLNG, which is owned by Origin, Conoco Phillips and Sinopec, delivered $363million of net cash flows to Origin in the 2018 financial year.
The site exported less LNG in the June quarter, which was made up with increased sales to the domestic east coast market.
Contributing to the reduced LNG exports was the 16-day shutdown for maintenance work in April, when gas was directed instead into the domestic market. During the September quarter the company expects to complete three maintenance shutdowns, with each resulting in a half-train outage for about a week.