APLNG revenue up 64% in July-September
Australia Pacific LNG (APLNG) project revenue in the July-September quarter (Q1) came in at A$2.77bn ($1.78bn), up 64% year/year on the back of higher oil and LNG prices, Origin Energy, one of the partners in the project, said on October 31.
APLNG’s realised oil price in Q1 was $104/b (A$152/b), up from $84/b in the April-June quarter and up from $65/b a year ago. The average realised price for LNG in the quarter was $14.04/mm Btu, up from $9.09/mm Btu a year earlier.
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“Market conditions have improved following the incredibly challenging June quarter during which we experienced significant power supply challenges and elevated wholesale prices across the NEM [national electricity market],” Origin CEO Frank Calabria said.
APLNG, a joint venture comprising Origin, ConocoPhillips and China's Sinopec, is Australia’s largest producer of coalbed methane (CBM) and supplies gas to Queensland’s domestic gas market, while also processing CBM into LNG for exports. Origin owns a 27.5% stake in APLNG.
Earlier this month, Origin said it expects an increase in its energy markets earnings for the financial year 2023 on the back of higher gas prices. Origin earlier this year withdrew all guidance for the year to June 2023 due to uncertainties in the global and Australian energy markets.