Beach reports drop in sales revenue in January-March
Australian oil and gas producer Beach Energy’s sales revenue during the January-March quarter (Q3) was A$353mn ($236.8mn), down almost 23% year/year due to lower realised oil price, the company said on April 13.
Production during the quarter was 4.5mn boe, down from 5.2mn boe in the same period last year. Gas production was impacted by Otway basin 10-day planned downtime, lower nominations partly due to surplus gas available during Queensland LNG outage, and Cooper basin joint venture unplanned outages, Beach said.
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Sales volume was down to 4.6mn boe from 5.2mn boe last year, the company said. Beach’s average realised oil price during Q3 was A$133.2/b versus A$176.5/b last year.
The company said that the first gas from Waitsia Stage 2 project is expected by the end of 2023. In February this year, Beach signed an agreement with Italy’s Webuild to complete the Waitsia Stage 2 project in Western Australia.
The Moomba CCS project is 55% complete and on schedule for the first CO2 injection in 2024, Beach said, adding that the final two injector wells have been drilled. Santos is the operator of the Moomba CCS project.