Energy

Origin Energy’s revenue from APLNG jumps 78% on strong prices

April 29 (Reuters) – Australia’s Origin Energy (ORG.AX) on Friday posted a 78% jump in third-quarter revenue from its stake in the Australia Pacific LNG (APLNG) project due to higher spot liquefied natural gas (LNG) prices and realized oil prices.

Liquefied natural gas (LNG) prices, high since last year, were boosted after major supplier Russia’s invasion of Ukraine, in what Moscow calls a “special military operation”, further tightened supplies.

The country’s second-largest power producer, which now holds a 27.5% stake in the APLNG project after recently selling 10% to joint venture partner ConocoPhillips (COP.N), said revenue from the project rose to A$666.4 million ($473 million) in the March quarter from A$374.1 million last year. China’s Sinopec (600028.SS) is another partner in the venture, which produces crude oil and natural gas.

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Origin, the operator of the project, said average realised price for LNG in the quarter was $14.36 per metric million British thermal unit (mmBtu), up from $6.45 per mmBtu a year earlier.

The power producer’s share of production from the Queensland project fell over 28% year-over-year to 46.9 petajoules (PJ) owing to adverse weather conditions and fewer days in the quarter, it said.

($1 = 1.4085 Australian dollars)

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Reporting by Roushni Nair and Upasana Singh in Bengaluru; Editing by Sriraj Kalluvila

Our Standards: The Thomson Reuters Trust Principles.

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