Origin reports steady production for December Quarter, completes major shutdown activity for FY2013
Origin Energy Limited (Origin) today released the Quarterly Production Report for its Exploration and Production business for the quarter to 31 December 2012, reporting production of 29 petajoules equivalent (PJe) and sales revenues of $200 million.
When compared to the same quarter in 2011, production was 1 per cent higher as increased output from the Otway Basin more than offset the suspension of gas operations at Kincora in the Surat Basin, and a lower share of Australia Pacific LNG production due to the dilution of Origin's ownership interest. Sales revenue also improved by 1 per cent due to higher average commodity prices.
Origin Chief Executive Officer Upstream, Mr Paul Zealand said, "We successfully completed a number of major planned activities at our production facilities during the half. BassGas, which had an extended shutdown for the Mid Life Enhancement project, returned to production in October, while planned inspection and maintenance shutdowns were successfully completed at the Otway gas plant in Victoria and Kupe gas plant in New Zealand. We have now completed all major maintenance shutdowns that were scheduled for the financial year," he said.
While production for the quarter was steady, for the six months to 31 December 2012 production reduced by 5 per cent when compared with the prior corresponding half as a result of a dilution in Origin's interest in Australia Pacific LNG, lower production from BassGas as a result of the Mid Life Enhancement project, the suspension of gas operations at the Kincora gas plant and lower customer nominations and plant availability at Kupe. Sales revenues for the half were $5 million lower at $425 million.
Significant progress continues on the Australia Pacific LNG project, and at the end of the reporting period, the Upstream component of the project was 29 per cent complete and the Downstream component 31 per cent complete. Origin was not required to make any cash contributions in the December quarter as a result of the Sinopec cash injection and the first draw downs from Australia Pacific LNG's US$8.5 billion Project Finance facility. For the 2013 financial year to date, Origin’s cash contributions to the project total $119 million.
NOTE: The report does not cover other areas of the integrated energy businesses undertaken by Origin, including electricity generation, energy retailing or its subsidiary Contact Energy of New Zealand.
For further information please contact:
| Media Anneliis Allen Senior External Affairs Manager, Ph: +61 2 8345 5119 Mobile: +61 428 967 166 | Investors Kylie Springall Group Manager, Investor Relations Ph: +61 2 8345 5288 Mobile: +61 400 477 393 |
About Origin Energy Origin Energy (ASX: ORG) is the leading Australian integrated energy company focused on gas and oil exploration and production, power generation and energy retailing. A member of the S&P/ASX 20 Index, the company has more than 5,900 employees and is a leading producer of gas in eastern Australia. Origin is Australia's largest energy retailer servicing 4.4 million electricity, natural gas and LPG customer accounts and has the country's largest and one of the most flexible generation portfolios with approximately 5,900 MW of capacity, through either owned generation or contracted rights. Origin's strategic positioning and portfolio of assets provide flexibility, stability and significant opportunities for growth across the energy industry. Through Australia Pacific LNG, its incorporated joint venture with ConocoPhillips and Sinopec, Origin is developing one of Australia's largest CSG to LNG projects based on Australia’s largest 2P CSG reserves base.
In New Zealand, Origin is the major shareholder in Contact Energy, the country's leading integrated energy company, operating geothermal, thermal and hydro generation facilities and servicing electricity, gas and LPG customers across both the North and South islands. Origin also operates several oil and gas projects in New Zealand and is one of the largest holders of petroleum exploration acreage in the country.
Origin has a strong focus on ensuring the sustainability of its operations, is the largest green energy retailer in Australia and has significant investments in renewable energy technologies.
For more information go to www.originenergy.com.au.
Legal Disclaimer:
EIN Presswire provides this news content "as is" without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the author above.
