Origin Energy Sees Decline in Production, Sales Revenue
by Quintella Koh
|Thursday, January 31, 2013
Origin Energy released its quarterly production report for its exploration and production business, reporting production of 29 petajoules equivalent (PJe) and sales revenues of $207 million (AUD 200 million).
When compared to the previous quarter, production was 13 percent lower, while sales revenues saw a decline of 11 percent.
Origin said that the drop in production is due to scheduled maintenance shutdowns at the Otway and Kupe gas plants for 23 days and 25 days respectively, partly offset by the return of production at the BassGas project. The company's lower production volume directly impacted its revenue for the quarter.
Origin noted that significant progress continues on the Australia Pacific LNG (APLNG) project, and at the end of the reporting period, the upstream component of the project was 29 percent complete and the downstream component was 31 percent complete. Origin added that it was not required to make any cash contributions in the December quarter as a result of Sinopec's cash injection and the first draw down from APLNG's $8.5 billion project finance facility.
Origin also revealed that the APLNG project ran into recent operational hiccups following tropical cyclone Oswald in late January.
"Flooding and rainfall impacted construction activities due to access restrictions and wet conditions. Drilling was halted for approximately three days due to access constraints, while site activities on Curtis Island were restricted for seven days," Origin said in a statement.
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