Origin's APLNG revenue jumps in Oct-Dec
Australia’s Origin Energy on January 31 said the revenue from Australia Pacific LNG (APLNG) for the three months to December 31 (Q2) jumped 112% year/year due to higher product prices.
The revenue from APLNG rose to A$2.25bn ($1.58bn) in Q2 compared with A$1.06bn in the same period last year. The revenue was up 33% quarter/quarter. APLNG’s realised average LNG price was $11.08/mn Btu, up from $5.20/mn Btu a year earlier. Its average domestic gas price was up 44% yr/yr, Origin said.
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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 last year signed an agreement with global energy investor, EIG, to sell a 10% stake in the project.
Post the deal, the APLNG joint venture shareholders comprise ConocoPhillips (37.5%), Origin (27.5%), Sinopec (25%) and EIG (10%). Origin will continue to be responsible for upstream exploration, development, and production activities. The downstream segment is operated by ConocoPhillips.