APLNG Has Sold 36 Cargoes till Date

Australia Pacific LNG (APLNG) has sold a total of 36 cargoes till date, Origin Energy said in a statement on Wednesday.

During the financial year 2015-16 (July-June), APLNG sold 27 cargoes of LNG. The project shipped its first cargo on January 9, 2016. 

APLNG is a joint venture comprising Origin, ConocoPhillips and Sinopec. It is the largest producer of natural gas in eastern Australia.

With the startup of first train, the coal seam gas to LNG project was commissioned earlier this year almost eight years after the establishment in October 2008. Majority of LNG sales have been under long term contracts with Sinopec and Kansai. The second train is expected to commence production in the second quarter of the 2017 financial year.

The cost of the project is forecast to be A$25.9 billion and Origin’s remaining contribution is expected to be A$0.6 billion, both in line with previous guidance.

Meanwhile, Origin has reported a loss for the year that ended on June 30,2016.

The Australian company said its loss for the year stood at A$589 million, an improvement of 10% on the prior year. Underlying profit from continuing operations was A$354 million, down 41% on the previous year.