Oil and Gas News

APLNG reports revenue boost

Origin Energy APLNG

Over the last quarter, Origin Energy reported a 2 per cent rise in Australia Pacific LNG (APLNG) production as its revenue rose 33 per cent. 

As of 31 December 2021, Origin received $555 million from the joint venture with ConocoPhillips and Sinopec. 

“Australia Pacific LNG has continued its strong performance and was able to benefit from the substantial increase in oil and spot LNG prices and favourable currency movements, helping to drive a large increase in revenue compared to the year prior,” Origin chief executive Frank Calabria said. 

Three spot cargos captured record spot LNG prices and higher realised oil prices, contributing to APLNG’s 91 per cent rise in hear-to-date revenue from 2020’s December quarter. 

While the quarter recorded higher realised oil and spot LNG prices, gas sales dropped 17 per cent on the prior comparable quarter. 

A drop in short-term contract volumes saw Origin’s domestic revenue fall last quarter.

Origin announced its acquisition of WINConnect during the last quarter for $42.2 million after tax, to add to the company’s growing energy services. 

Calabria said the acquisition is expected to deliver strong returns and add a significant number of embedded electric network and serviced hot water customers. 

In exploration news, drilling of the Velkerri 76 S2-1 well in the Beetaloo Basin was completed last quarter. Its preliminary results indicate the Velkerri shales are within the wet gas maturity window.

In the Canning Basin in Western Australia, drilling at the Rafael 1 well indicated liquids-rich gas potential in a conventional reservoir.

Subscribe to Oil & Gas Today for the latest industry news.